In a worrying sign for those hoping lock-in effects will ease in 2025, new data from Redfin indicates many homeowners are locked in for good
— or at least the next decade.
More than one-third (34%) of 1,800 recently surveyed U.S. homeowners ages 18-65 reported they have no intention of selling their homes, while another 27% won’t consider selling for at least 10 years. Another quarter of respondents plan to sell in five to ten years, while only 8% expect to sell in the next three to five years, and 7% within the next three years.
The survey highlights that Baby Boomers are particularly likely to stay in their homes, with 43% of Baby Boomer homeowners saying they’ll never sell, compared to 34% of Gen X owners and just 28% of Millennials/Gen Z owners.
This generational difference is driving a broader trend of low housing turnover. With Baby Boomers remaining in their homes for longer periods, new listings remain below pre-pandemic levels in many parts of the country.
A separate, recent Redfin analysis found that only 25 of every 1,000 U.S. homes changed hands in the first eight months of 2024, marking the lowest turnover rate in decades. There are several key reasons homeowners are opting to stay put.
The 39% of homeowners who don’t plan to sell anytime soon reason their home is almost or completely paid off. These homeowners are motivated to stay because they own their homes outright, with only ongoing costs like property taxes and homeowners association (HOA) fees remaining. Almost as many respondents (37%) said they simply like their home and have no reason to move.
Affordability plays another major factor influencing homeowners’ decisions to stay put. Nearly one-third (30%) of respondents said they’re staying in their current home because home prices are too high, and 18% don’t want to give up their low mortgage rate.
Home prices nationally have risen roughly 40% since before the pandemic, while mortgage rates have increased from just under 4% in 2019 to an average of 6.91% in 2024. This shift has made moving less affordable for many homeowners.
As Marije Kruythoff, a Redfin Premier agent in Los Angeles, explained, “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.” She added, “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.”
This reluctance to sell is also contributing to the current housing shortage, which is exacerbating the high demand for homes. As more homeowners hold onto their properties for longer, the overall inventory of available homes remains low, further pushing up prices and limiting options for potential buyers.
