More than one-third (34 percent) of U.S. homeowners say they’ll never sell their home, and another 27 percent say they wouldn’t consider selling for at least 10 years, according to a new survey commissioned by Redfin.
Roughly one-quarter (24 percent) of homebuyers plan to sell in five to 10 years, while just 8 percent plan to sell in three to five years and 7 percent 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 percent) baby boomer homeowners say they’ll never sell, compared to 34 percent of Gen X owners and 28 percent 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.
Nearly two in five (39 percent) 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 homeowners association fees. Almost as many respondents (37 percent) said they’re not selling because they simply like their home and have no reason to move.
Redfin said affordability is another major reason homeowners are hesitant to sell. Nearly one-third (30 percent) of respondents said they’re staying in their current home because today’s home prices are too high, and 18 percent 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 percent since then, and the weekly average mortgage rate is 6.91 percent, up from just under 4 percent in 2019. A recent Redfin analysis found that more than 85 percent of U.S. homeowners with mortgages have an interest rate below 6 percent.
“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,” Marije Kruythoff, a Redfin agent in Los Angeles, said in a release. “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.”