Only 28 Out of Every 1,000 U.S. Homes Changed Hands This Year—The Lowest Turnover in Decades

Homes turned over the most in Virginia Beach, VA and West Palm Beach, FL, while turning over the least in New York and Los Angeles

Only 28 out of every 1,000 (2.8%) U.S. homes have changed hands in 2025—the lowest turnover rate in at least 30 years. That's according to a new report from Redfin, the real estate brokerage powered by Rocket.

Redfin's analysis examined the period between 2012-2025, but it can confidently say this year's 2.8% turnover rate is the lowest since at least the early-mid 1990s. Existing home sales back then were similar to this year, but the number of homes that existed was smaller—meaning the turnover rate was higher.

38% fewer homes sold this year than during the pandemic peak

This year's turnover rate (2.77%) was down ever so slightly from 2.78% last year, when existing home sales fell to the lowest level since 1995.

There were 37.7% fewer homes sold this year than during the middle of the pandemic buying frenzy in 2021 (44 of every 1,000), and 31.2% fewer homes sold than during the last pre-pandemic year in 2019 (40 of every 1,000).

Homes are turning over at historically low rates because:

• Affordability challenges have kept many buyers on the sidelines. Home prices are near record highs, and borrowing costs remain elevated, causing the number of sellers to far outweigh the number of buyers.
• Sellers are unwilling to give up their low mortgage rates. More than 70% of mortgaged U.S. homeowners have a rate below 5%, well below the current rate of 6.17%. While the share of mortgages above 6% is at a 10-year high, many homeowners are still rate-locked and unwilling to sell.
• Economic uncertainty has made buyers cautious. Concerns about job security, inflation, and broader instability caused many would-be movers to delay major purchases, further slowing the pace of transactions.

"America's housing market is defined right now by caution," said Chen Zhao, Redfin's head of economics research. "Buyers are walking away from deals more often, sometimes due to affordability issues and sometimes because they're re-evaluating whether now is the right moment to commit. Others aren't even shopping, waiting instead for prices or mortgage rates to come down. On the other side, many sellers are staying put—either because they're locked into low rates or unwilling to accept offers below expectations. When both sides hesitate, sales naturally fall to historic lows."

More homes are being listed in 2025 than the past two years

The rate of homes being listed for sale in the first nine months of the year rose a little to 3.9%—meaning 39 out of every 1,000 homes were listed for sale. It was the third-slowest rate of homes being listed in records going back to 2012, just a fraction higher than last year's 3.7% and 2023's record low of 3.5%.

This year's rate is down 25.2% from before the pandemic in 2019 (52 listings per 1,000 homes), and 24.3% down from 2021 (51 listings per 1,000 homes).

Sales of condos/townhouses down more than 3% from a year ago

Around 30 out of every 1,000 single family homes sold in the first nine months of this year, a slightly faster clip than the roughly 22 out of every 1,000 condos/townhouses that sold.

The sales turnover rate for condos/townhouses fell 3.3% year over year, while the rate for single family homes ticked up 0.6%.

That's in line with Redfin data showing how hard it is to sell condos this year, with an estimated 72.3% more condo sellers than buyers nationwide in August.

Around 33 out of every 1,000 condos/townhouses listed for sale in the first nine months of the year, while around 41 out of every 1,000 single family homes were listed for sale.

Homes turning over the most in Virginia Beach and West Palm Beach

Virginia Beach, VA topped the list of the 50 most populous U.S. metros with the highest turnover rate, with around 35 out of every 1,000 homes sold in the first nine months of the year.

The next metros with the highest turnover rate this year were West Palm Beach, FL (32.6 sales per 1,000 homes), Tampa, FL (31.2 sales per 1,000 homes), Indianapolis (30.3 sales per 1,000 homes) and Atlanta (30.1 sales per 1,000 homes).

Demand in the Sun Belt has softened significantly since the peak of the pandemic and the sales rate is continuing to drop fast in many of the region's metro areas.

San Antonio's turnover rate fell to 24 sales per 1,000 homes, down -26.9% from a year ago and the biggest decline among the top 50 metro areas. Next came Charlotte, NC (-19.9%), Jacksonville, FL (-17.3%), Miami (-16.7%) and Orlando, FL (-16.1%).

The only three major metros to post a faster turnover rate from a year ago were Virginia Beach, VA (+5.3%), San Francisco (+2.6%) and Indianapolis (+1.4%).

Homes turning over the least in New York and Californian metros

New York recorded the lowest turnover rate among the top 50 metros, with only around 10 out of every 1,000 homes selling in the first nine months of the year.

Next came six California metros, led by Los Angeles (11.5 sales per 1,000 homes), San Francisco (13.2 sales per 1,000 homes) and San Jose, CA (14.8 sales per 1,000 homes).

California's low housing turnover stems in part from Proposition 13, a state law that restricts property-tax growth and creates a strong financial incentive for homeowners to remain in their homes. It's worth noting that the increased SALT cap rate may help to unlock some of California's housing inventory in future years.

To view the full report, including charts and additional metro-level data, please visit:

https://www.redfin.com/news/home-turnover-report-2025

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE:RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at Redfin.com/news. For more information about Rocket Companies, visit RocketCompanies.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251031834313/en/

Contact Redfin

Redfin Journalist Services:

Kenneth Applewhaite

[email protected]