Real Estate News

Sacramento housing market dominated by baby boomers with no urge to sell

The large majority of the Sacramento region’s owner-occupied homes are held by baby boomers – and they are mostly not selling, the latest census figures show.

Residents 50 and older held 65 percent of the region’s owner-occupied homes in 2015, up from 55 percent in 2007 and 48 percent in 1990.

Combined with a lack of new housing, the trend has made it harder for prospective buyers to find homes. Just over one month’s real estate inventory is available in Sacramento County. The median days on the market for available homes is a mere eight days, according to the Sacramento Association of Realtors.

As residents grow older, they become less likely to sell their homes.

More than seven out of every 10 baby boomers in the region who own their homes have lived in them for more than 10 years. Just 6 percent of boomers moved into their homes within the last two years, compared to 20 percent of homeowners under 50.

Some of the increase is due to simple demographics: There are a lot of baby boomers, and they are getting older. But the proportion of homes owned by residents 50 and older has grown even faster than region’s baby boomer population, a trend that likely reflects the effects of the housing bust and a reticence by millennials to put down roots.

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Phillip Reese is The Bee’s data specialist and teaches at Sacramento State. Reach him at 916-321-1137 or 916-278-5420, @PhillipHReese