116 of those people don't own homes of any kind; partially because children can't buy homes, elderly people can't maintain homes, and everyone else is too poor (or married).
Of the remaining 234, 38% are boomers, who almost never sell homes.
There are now only 146 people. How many want to sell homes? Only 8.7% of people move each year, so only 12 of those people are open to the possibility.
Now it's 1 out of 12. That's significant. That's not even considering other factors, like Gen X becoming increasingly hesitant over time to the prospect of moving, while being the second largest generation to own homes. They own 24% of the homes and are very "sticky", so it might easily be more like 1 in 9 in terms of actual sales.
It's actually even more amazing than that - we don't even need the above napkin math. 4.62 million homes were sold in 2024, 4.09 million in 2023, 5.03 million in 2022. Add a million homes, increase supply by 20% (1 in 5), that's going to leave a dent. After all, according to Redfin, only 2.5% of homes change hands every year.
Of the remaining 234, 38% are boomers, who almost never sell homes.
There are now only 146 people. How many want to sell homes? Only 8.7% of people move each year, so only 12 of those people are open to the possibility.
Now it's 1 out of 12. That's significant. That's not even considering other factors, like Gen X becoming increasingly hesitant over time to the prospect of moving, while being the second largest generation to own homes. They own 24% of the homes and are very "sticky", so it might easily be more like 1 in 9 in terms of actual sales.
It's actually even more amazing than that - we don't even need the above napkin math. 4.62 million homes were sold in 2024, 4.09 million in 2023, 5.03 million in 2022. Add a million homes, increase supply by 20% (1 in 5), that's going to leave a dent. After all, according to Redfin, only 2.5% of homes change hands every year.