According to a recent Redfin survey, 34% of U.S. homeowners report they have no plans to sell their homes. An additional 27% indicate they wouldn’t consider selling for at least another decade.

Home Selling Timelines

The survey revealed varied timelines for future home sales among respondents:

• 24% plan to sell within five to ten years.
• 8% anticipate selling in three to five years.
• 7% expect to sell within the next three years.

Generational Differences

Older generations are less likely to consider selling their homes. Approximately 43% of baby boomer homeowners say they have no plans to sell, compared to 34% of Gen X homeowners and 28% of millennial and Gen Z homeowners.

Low Housing Turnover

Redfin’s analysis highlights a historic low in housing turnover, with only 25 out of every 1,000 homes changing hands in the first eight months of 2024. This marks the lowest rate in decades.

Factors Influencing Homeowner Decisions

Many homeowners are staying put because their homes are fully paid off, or they prefer not to move. Additionally, affordability concerns play a significant role in their decision to stay.

“The people who are selling are doing so out of necessity,” said Marije Kruythoff, a Redfin Premier agent. “They’re either relocating to a different area or responding to major life changes, such as a new job or expanding their family.”