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recent analysis by Redfin reveals that the turnover rate for homes is at its lowest in three decades. Compared to 2021's "pandemic buying frenzy" and 2019 levels, there were 37.5% fewer homes sold in 2024 (40 per 1,000) and 31% fewer than in 2019 (36 per 1,000). Factors contributing to this low turnover include high mortgage rates, rising prices, and a limited supply of homes, as well as economic and political uncertainty.

    Redfin's Senior Economist Elijah de la Campa notes that while mortgage rates have fallen from their peak, the number of homes changing hands has not increased significantly. Many listed homes are going stale due to low demand, particularly those needing repairs. De la Campa suggests that for homeowners locked into low mortgages, consistent rate drops will be necessary before they feel comfortable moving.

    Nashville stands out as an exception, ranking third among metros with the highest turnover rates in the country. The report finds that suburban and rural areas experience slightly higher turnover than urban areas, with 25 homes sold per 1,000 in these areas compared to 24 in urban areas. Nashville's strong activity during the pandemic, driven by workers seeking affordable housing and remote work options, contributed to its high ranking.

    The top five metros for turnover rates are:

    * Phoenix, Arizona (38 per 1,000)

    * Newark, New Jersey (37 per 1,000)

    * Nashville, Tennessee (36 per 1,000)

    * Tampa, Florida (35 per 1,000)

    * Nassau County, New York (31 per 1,000)

    Redfin used internal data and the U.S. Department of Housing and Urban Development's urbanization perceptions small area index to determine the metro areas with the highest turnover rates. The analysis compares turnover rates during the first eight months of each year from 2012 onwards, limited to the 50 most populous metropolitan divisions in the U.S.