Why 34% of Homeowners Say They'll Never Move – What It Means for You

Lisa Mailhot  |  January 23, 2025

Buyers

Why 34% of Homeowners Say They'll Never Move – What It Means for You

 

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.

Who’s Staying and Why

Redfin partnered with Ipsos to survey 1,802 adults about their selling plans. Here’s what they found:

  • Baby Boomers are the most likely to stay put (43%).
  • Gen Xers follow closely at 34%.
  • Even Millennials and Gen Z are holding on to their homes, with 28% planning to stay for good.

The reasons behind this trend include:

  • Paid-off mortgages or homes nearing payoff (39%).
  • Love for their current home (37%).
  • Unaffordable pricing trends in the market (30%).
  • Elevated mortgage rates (18%).

Other factors like familial obligations, high HOA fees, and insurance costs also discourage moving.

 

The Impact on Inventory and Turnover

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.

What This Means for Buyers and Sellers

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.

Bottomline

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.

RECENT BLOG POSTS

5 Simple Strategies to Save $20,000 on Your Taxes Legally

Discover five powerful tax-saving strategies that could help you legally save over $20,000 on your taxes. From maximizing retirement contributions to leveraging HSAs a… Read more

Why 34% of Homeowners Say They'll Never Move – What It Means for You

Discover why one-third of homeowners plan to stay put indefinitely. High mortgage rates, skyrocketing home prices, and market uncertainty are reshaping the housing lan… Read more

California Housing Market Faces Fires and Financial Freeze

The California housing market is reeling from dual blows: stubbornly high mortgage rates and devastating wildfires. Explore how these challenges are shaping the Golden… Read more

Trump's Second Term Reshapes the Economy and Housing Market

With President Donald Trump embarking on his second term, all eyes are on the economy and housing market. Inflation and sticky mortgage rates remain critical concerns,… Read more

Cracking the Code on Cold Calls Real Estate Agents Must Adapt Now

Stay ahead of the game with updates to the Telephone Consumer Protection Act (TCPA) effective Jan. 27, 2025. Learn how these changes impact cold calls, lead generation… Read more

California Protects Wildfire Victims From Predatory Investors

California Governor Gavin Newsom’s executive order shields wildfire-affected homeowners from predatory investors. Learn how this critical measure supports community re… Read more

Homeownership Remains the Cornerstone of the American Dream

Despite rising mortgage rates, 75% of Americans still view homeownership as the cornerstone of the American Dream. Discover why younger generations see it as a key to … Read more

Why Some Homes Survive Wildfires: Secrets of Fire-Resistant Architecture

Explore why certain homes withstand wildfires while others succumb to flames. Learn the role of fire-resistant materials, strategic design, and environmental factors i… Read more

Mortgage Rates Are Up—What Does It Mean for You?

Mortgage demand is faltering as rates climb to the highest levels since mid-2024. Discover how this trend impacts buyers, refinances, and market expectations in 2025, … Read more

We are excited to assist you in finding your perfect home

Let's find a time that suits you best to chat about your goals, show you how we work, and figure out how we can help you the most