Rising costs are prompting some homeowners to say they're unlikely to ever sell their homes
Jan. 7, 2025
Monkey Business / stock.adobe.com
Homeowners are choosing to stay put in their current homes rather than putting their homes on the market.
Housing costs remain elevated, and that's prompting many homeowners to remain in their current homes rather than selling. According to a recent survey from real estate marketing platform Redfin, 34% of U.S. homeowners say they’ll never sell their home, while 27% don’t plan to sell for at least 10 years. Just 7% of those surveyed say they plan to sell within three years. Older generations are even less likely to sell, with 43% of Baby Boomers saying they’ll never sell, compared with 34% of Gen X and 28% of Millennials and Generation Z. The main reason for staying put, cited by 39% of those not planning to sell, is that their home is fully or nearly paid off.
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.Read more
