Residential Real Estate News
One Third of U.S. Homeowners Say They Will Never Sell
Many owners staying put because today's housing costs are too high
A recent survey commissioned by Redfin reveals that more than one-third (34%) of U.S. homeowners have no plans to ever sell their home, while an additional 27% say they wouldn't consider selling for at least another 10 years. Among those who do intend to sell, 24% plan to do so in five to 10 years, 8% in three to five years, and just 7% within the next three years.
Generational differences highlight that older homeowners are more likely to stay put. Over two in five (43%) baby boomer homeowners say they'll never sell, compared to 34% of Gen X homeowners and 28% of millennial and Gen Z homeowners.
This reluctance to sell contributes to the historically low number of new listings in the U.S. housing market, which remain below pre-pandemic levels despite recent increases. A Redfin analysis found that only 25 of every 1,000 U.S. homes changed hands during the first eight months of 2024--the lowest turnover rate in decades.
Why Homeowners Are Staying Put
The survey found that financial stability and personal preference are the primary reasons many homeowners are hesitant to sell:
- Paid-Off Homes: Nearly 39% of homeowners who don't plan to sell say their home is mostly or completely paid off, reducing their housing costs to only property taxes, insurance, and HOA fees.
- Satisfaction with Current Home: Another 37% of respondents simply like their home and see no reason to move.
- Affordability Concerns: About 30% cite high home prices as a barrier to selling, while 18% are reluctant to give up their low mortgage rate.
This question targeted homeowners who have owned their property for at least six years and do not intend to sell within the next five years.
Rising Costs Impact Mobility
Housing costs have surged since the pandemic, with home prices increasing approximately 40% and the average mortgage rate rising to 6.91%--a significant jump from just under 4% in 2019. Additionally, over 85% of U.S. homeowners with mortgages currently have an interest rate below 6%, further discouraging them from moving.
"The casual movers--those looking for a bigger or nicer home--are largely staying put due to the high costs of buying a new property," said Marije Kruythoff, a Redfin Premier agent in Los Angeles. "Most sellers today are driven by necessity, such as relocating for work or accommodating a major life change like expanding their family."
