Over one-third (34%) of U.S. homeowners indicate they have no plans to sell their homes, according to a Redfin survey conducted by Ipsos in September 2024. This reluctance is especially pronounced among baby boomers, with 43% stating they will never sell, compared to 34% of Gen X and 28% of millennial/Gen Z homeowners. The survey included 1,802 U.S. residents aged 18 to 65.
High housing costs are a significant factor. Nearly 40% of homeowners who plan to stay cite paid-off mortgages as their primary reason, while 30% say today’s elevated home prices discourage selling. Additionally, 18% are hesitant to give up their favorable mortgage rates, with over 85% of current homeowners locked in rates below 6%.
The survey also highlights generational trends. Older homeowners benefit from completed mortgage payments, and younger owners appear more mobile. However, the combined hesitancy is reflected in the national housing market turnover, where only 25 of every 1,000 homes were sold in the first eight months of 2024, a record low.
