A recent Redfin survey reveals that 34% of homeowners say they’ll never sell their home, marking a significant trend in longer homeownership. The average tenure has nearly doubled from 6.5 years in 2005 to 12 years in 2023. Baby Boomers lead with 43% saying they’ll never sell, followed by Gen X at 34%, and Millennials/Gen Z at 28%.
Reasons Homeowners Aren’t Selling:
- 39%: Mortgages are mostly or fully paid off.
- 37%: Enjoy their current home.
- 30%: High home prices.
- 18%: Favorable existing mortgage rates.
Key Insight:
Despite these attitudes, housing supply and active listings are rising, with inventory up 17.5% year-over-year in late 2024. Real estate agents can still find opportunities, as circumstances and market conditions often shift.
Contact Abdo Pierre Faissal for expert real estate advice in navigating these trends.
📞 310-620-1038 | ✉️ [email protected]