An additional 27% stated they wouldn’t consider selling for at least 10 years, while 24% plan to sell in five to 10 years.
Only 8% foresee selling within three to five years, and just 7% plan to sell within the next three years.
The generational divide is evident in the Redfin survey* findings. More than 43% of baby boomer homeowners said they’ll never sell, compared to 34% of Gen X homeowners and 28% of millennial and Gen Z homeowners.
The survey, conducted by Ipsos in September 2024, included 471 homeowners who answered the question, “When would you consider selling your current home?”
Rising costs keep homeowners in place
Affordability is one of the most significant barriers to selling.
Nearly one-third (30%) of surveyed homeowners who don’t plan to sell said they’re staying put because home prices are too high, while 18% cited their reluctance to part with a low mortgage rate.
The report found housing costs have soared by 40% since the pandemic began, and the average mortgage rate now sits at 6.91%, compared to just under 4% in 2019.
The Redfin analysis also revealed that more than 85% of homeowners with mortgages currently enjoy an interest rate below 6%.
Additionally, many homeowners benefit from having paid off their mortgage, with 39% of respondents saying their home is almost or fully paid off.
This freedom from monthly payments allows them to remain in their homes while covering only property taxes and other fees.
Another 37% said they simply enjoy their homes and see no need to move.
Only 25 of every 1,000 homes changed hands in the first eight months of 2024, according to Redfin data, marking the lowest turnover rate in decades.
Despite a slight uptick in listings in recent months, many homeowners are staying put due to rising costs and a lack of motivation to sell.
“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.”
*The survey findings in this report are from a Redfin-commissioned survey conducted by Ipsos in September 2024, fielded to 1,802 US residents aged 18-65. This report focuses on the 471 homeowners who answered the question “When would you consider selling your current home?” and the 267 homeowners who answered the question “You mentioned you have lived in your house for several years and do not plan on selling soon. Why do you intend to stay in your current home”? For the first question, 127 baby boomers (aged 60-65), 203 Gen Xers (aged 44-59) and 141 millennial/Gen Zers (aged 18-43) responded.
