Turnover rate for homes in the U.S. is the lowest in decades. Here’s why

The rate of homes changing hands in the United States is at the lowest point since the 1990s.

The rate, defined as the number of homes sold divided by the total number of sellable homes, hit 2.8% in the first nine months of 2025, according to a new analysis by Redfin, a Seattle-based online brokerage.

The analysis looked at data from real estate listings and county records back to 2012, but Redfin said it “can confidently say this year’s 2.8% turnover rate is the lowest since at least the early-mid 1990s” because home sales then were similar despite there being fewer properties.

Just how low is a rate of 28 of every 1,000 homes getting a new owner? During the COVID-19 pandemic buying frenzy , 44 of every 1,000 homes turned over. In 2019, the year before the pandemic started, the r