According to research that Redfin recently concluded, only 1% of homes in the United States have changed hands in the last 12 months, which is a 10 year record low. Homeowners capitalizing on record low interest rates several years ago followed by rapidly rising finance charges are being placed the blame. But you already knew that.
Interestingly, the lowest turnover rates are found on the smallest homes in the heart of the city. That’s followed closely by 2-3 bedroom homes in suburbia. Larger homes and more rural homes tend to change hands more frequently, which is the exact opposite of what I would have guessed.