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edfin’s latest study shows U.S. home‑turnover has dipped to its lowest point in three decades. In the first nine months of 2025, only 28 of every 1,000 homes were sold—a 2.8 % rate that matches the slowest pace recorded since the mid‑1990s. The agency, which tracks this metric since 2012, points to persistently high mortgage rates as the main culprit.

    The phenomenon, dubbed the “Great Stay,” has kept both buyers and sellers hesitant. Affordability limits keep many potential buyers out of the market, while the lingering effect of mortgage‑rate lock‑ins discourages some homeowners from listing. Others simply wait for conditions to improve, and broader economic uncertainty makes consumers wary. “The market is defined by caution,” said Chen Zhao, Redfin’s head of economics research. “When both sides hesitate, sales naturally fall to historic lows.”

    Turnover peaked in 2021 at 44 per 1,000 homes, when rates were historically low, and hovered around 40 per 1,000 from 2015 to 2019. Since then, the pace has slowed dramatically. Labor market dynamics also play a role: August’s job growth fell short of expectations, reducing the number of people moving for new employment. With some employment data still pending due to a federal shutdown, the full impact remains uncertain.

    Listing activity mirrors the decline in sales. In 2025, the rate of homes listed for sale was 38.7 per 1,000, up slightly from 37.4 in 2024 and 35.1 in 2023, yet still far below pre‑pandemic highs that reached 54.4 in 2015. Senior Economist Sheharyar Bokhari notes that even a modest rise in listings would only modestly lift turnover unless rates return to pre‑pandemic levels. “Until mortgage rates fall enough to motivate existing homeowners to sell, we’re unlikely to see a major rebound in turnover,” he said.

    Regional patterns vary. The Sun Belt has traditionally seen higher turnover, but the gap has narrowed. In 2025, Virginia Beach topped the nation with 35.2 per 1,000, followed by West Palm Beach (32.6) and Tampa (31.2). California cities lag behind, partly due to Proposition 13, which caps property‑tax growth for long‑term residents. New York City recorded the lowest turnover at 10.3 per 1,000, with Los Angeles (11.5), San Francisco (13.2), and San Jose (14.8) trailing.

    Overall, the data underscore a market held in place by high rates, affordability hurdles, and economic uncertainty, leaving the United States in the midst of a prolonged “Great Stay.”