A new survey from Redfin (NASDAQ: RDFN) has determined that roughly one-third (34%) of homeowners claim they will never sell their home, while another 27% say they wouldn’t consider selling for at least 10 years.
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. The new survey, which polled 1,802 adults in September, also found nearly one-quarter (24%) of homebuyers planned to sell in five to 10 years, while just 8% planned to sell in three to five years and 7% within the next three years.
Among age demographics, 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.
As for the reasons why homeowners will not sell, 39% said it was because their home is almost or completely paid off, while 37% stated they like their home and have no reason to move. But nearly one-third (30%) of respondents said they were staying in their current home because today’s home prices are too high and 18% did not want to give up their low mortgage rate.
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