An analysis from Redfin has revealed that the turnover rate for homes is the lowest in the past three decades.

According to Redfin, there were 37.5% fewer homes sold in 2024 than during the middle of the “pandemic buying frenzy” in 2021 (40 of every 1,000) and 31% fewer homes sold than during 2019 (36 of every 1,000). Reasons for the low turnover include elevated mortgage rates, rising prices and low supply and economic and political uncertainty, reported Redfin.

“Mortgage rates have already fallen more than one percentage point from their 2024 peak, but we have not yet seen a significant increase in the number of homes changing hands. Of the homes listed this year, many have gone stale because of the lack of demand — especially homes which needed a little extra work,” said Redfin Senior Economist Elijah de la Campa in a statement.

“With the majority of homeowners locked into low mortgages, rates will need to keep falling consistently for many to feel comfortable moving on from the deals they secured years ago.”

The data for Nashville, however, tells a different story.

Nashville among metros with highest turnover rates in the country

The report found that homes in suburban and rural areas change hands slightly more often than urban homes. Approximately 25 out of every 1,000 single family homes and condos/townhouses in suburban and rural areas sold in the first eight months of the year, compared to the roughly 24 out of every 1,000 homes which are sold in urban areas. Music City landed in the No. 3 spot for areas with the highest turnover rates, falling behind Newark, New Jersey and Phoenix, Arizona.

According to Redfin, areas like Phoenix and Nashville maintained relatively strong activity throughout the pandemic, as workers looked for affordable places to live and work from home.

In order to determine the metro areas with the highest turnover rates, Redfin used internal data and the U.S. Department’s of Housing and Urban Development’s urbanization perceptions small area index. The turnover rate is defined as the number of homes that are sold divided by the total number of sellable properties (single-family, condos/co-ops, and townhomes, only) that exist in a certain place in a given year. The analysis compares turnover rates during the first eight months of the year beginning in 2012, which is as far back as Redfin’s data goes. This analysis was limited to the 50 most populous metropolitan divisions in the U.S.