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Many homeowners are staying put because today’s housing costs are so high
Redfin Survey: More Than One-Third of Homeowners Say They’ll Never Sell
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Kenneth Applewhaite
press@redfin.com
(NASDAQ: RDFN) — More than one-third (34%) of U.S. homeowners say they’ll never sell their home, and another 27% say they wouldn’t consider selling for at least 10 years. That’s according to a new survey commissioned by Redfin (redfin.com), the technology-powered real estate brokerage.
Roughly one-quarter (24%) of homebuyers plan to sell in five to 10 years, while just 8% plan to sell in three to five years and 7% within the next three years.
Broken down by generation, older homeowners are more likely than their younger counterparts to say they’ll never sell. More than two of every five (43%) baby boomer homeowners say they’ll never sell, compared to 34% of Gen X owners and 28% of millennial/Gen Z owners.
The fact that the lion’s share of homeowners say they’ll never sell is one reason new listings are below pre-pandemic levels in much of the country, though listings have started ticking up in recent months. A recent Redfin analysis found that just 25 of every 1,000 U.S. homes changed hands in the first eight months of 2024, the lowest turnover rate in decades.
Homeowners are staying put because their home is paid off, or they just don’t want to move
Nearly two in five (39%) homeowners who don’t plan to sell anytime soon say it’s because their home is almost or completely paid off, making that the most commonly cited reason. Homeowners who have paid off their mortgage are motivated to stay put because it means they own their home free and clear, and get to live there while paying only for things like property taxes and HOA fees. Almost as many respondents (37%) said they’re not selling because they simply like their home and have no reason to move.
Affordability is another major reason homeowners are hesitant to sell. Nearly one-third (30%) of respondents said they’re staying in their current home because today’s home prices are too high, and 18% don’t want to give up their low mortgage rate. This survey question was asked to respondents who have owned their home for at least six years and have no intention of selling within the next five years.
Housing costs have risen significantly since before the pandemic; home prices are up roughly 40% since then, and the weekly average mortgage rate is 6.91%, up from just under 4% in 2019. A recent Redfin analysis found that more than 85% of U.S. homeowners with mortgages have an interest rate below 6%.
“The just-because movers—those who just want a bigger or nicer house—are staying put, mostly because it’s so expensive to buy a new house,” said Marije Kruythoff, a Redfin Premier agent in Los Angeles. “The people who are selling are doing so because they need to. Either they’re relocating to a different part of the country, or they’re moving due to a major life event like having a baby or taking a new job on the opposite side of the city.”
This is according to a Redfin-commissioned survey conducted by Ipsos in September 2024. The survey was fielded to 1,802 U.S. residents aged 18-65.
To view the full report, including charts and additional methodology, please visit:
https://www.redfin.com/news/survey-homeowners-reasons-to-not-sell
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
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