Homeowners are staying put in Philadelphia
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Just 1.8% of Philly metro homes changed hands in the first nine months of this year, down from a 2.6% turnover rate in 2019, per a Redfin analysis.
Why it matters: Nationally, homes are selling "at historically low rates" as costs stay high, homeowners cling to cheaper mortgages, and economic uncertainty makes shoppers hesitate, per the real estate site.
Zoom in: Philly's 2025 turnover rate was among one of the lowest in the country, including cities like San Jose (1.5%), San Francisco (1.3%) and Los Angeles (1.2%).
- San Antonio's turnover rate (2.4%) fell furthest among the 50 most populous metros, followed by Charlotte, North Carolina, Jacksonville, Florida, Miami and Orlando.
Zoom out: Some 2.8% of U.S. homes changed hands through September — the lowest turnover rate in at least 30 years.
- That's down a hair from last year, when existing home sales dropped to the lowest level since 1995.
The bottom line: "America's housing market is defined right now by caution," said Chen Zhao, Redfin's head of economics research, in the report.