Because the cost of housing has soared, 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, a survey conducted by Redfin shows.
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, according to the survey conducted for the technology-powered real estate brokerage.
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.
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.
And, of course, affordability is a major concern.
“The people who are selling are doing so because they need to,” says Marije Kruythoff, a Redfin Premier agent, in a release. “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.”
Photo: Gustavo Zambelli