Lisa Mailhot | January 23, 2025
Buyers
According to Redfin's latest insights, a staggering 34% of homeowners say they’ll never sell their home. This trend reflects growing market challenges, including rising home prices and elevated mortgage rates. Another 27% don’t plan to sell for at least a decade, leaving only a small percentage of homeowners considering moving in the near future.
“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 (McPherson, 2025).”
shared Los Angeles Redfin Premier agent Marije Kruythoff. Simply put, for many, the cost of upgrading outweighs the benefits.
Redfin partnered with Ipsos to survey 1,802 adults about their selling plans. Here’s what they found:
The reasons behind this trend include:
Other factors like familial obligations, high HOA fees, and insurance costs also discourage moving.
Redfin notes that housing turnover is at its lowest in decades, with just 25 of every 1,000 U.S. homes being sold during the first eight months of 2024. Since the pandemic, home prices have surged by roughly 40%, while mortgage rates have jumped from under 4% in 2019 to an average of 6.91% today.
Economists predict these trends will persist through 2025, with mortgage rates expected to hover around 6%. This suggests that most home sales will come from buyers and sellers driven by major life events rather than voluntary upgrades.
Interestingly, inventory levels vary significantly by region. While Sun Belt states like Florida and Texas, as well as parts of the Mountain West and Pacific Northwest, have inventory levels nearing or exceeding pre-pandemic norms, the Midwest and Northeast face significantly fewer homes for sale relative to 2019.
The current housing market favors sellers who can list a home in turnkey condition, as buyers are increasingly selective and budget-conscious. On the other hand, buyers may need to compromise on location or features unless they can pay in cash or offer a substantial down payment.
If you’re considering buying or selling, understanding these dynamics is crucial. Timing and preparation have never been more important to make a move in today’s tight market.
The days of casual moves are fading as affordability and market conditions challenge traditional buying and selling patterns. Whether you’re looking to make a change out of necessity or are strategizing your next step, let’s connect. I can help you navigate the complexities of today’s market and find your perfect fit in Orange County or beyond.
Reference: McPherson, Marian. "34% of Homeowners Say They'll Never Sell Their Home: Redfin." Inman, January 7, 2025.
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