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Boston is one of the metros in the United States with the lowest rates of housing turnover.

According to a new report from Redfin, Greater Boston averaged 15.6 home sales per 1,000 homes in 2024. This is a decrease of 37.8 percent from 2019.

“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,” Redfin Senior Economist Elijah de la Campa said 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 turnover rate is defined as the number of homes that are sold divided by the total number of sellable properties (single-family, condominiums/co-ops and townhomes, only) that exist in a certain place in a given year.

Nationwide, the turnover rate is 25 which is the lowest rate in the pat 30 years. In addition, there were 37.5 percent fewer homes sold this year than during the middle of the pandemic buying frenzy in 2021 (40 of every 1,000) and 31 percent fewer homes sold than during the last pre-pandemic year in 2019 (36 of every 1,000). High interest rates, rising home prices, and low supply are credited for the lack of turnover in 2024.

Even the rate of homes being listed for sale fell to the lowest level since at least 2012, the earliest year with listings data available. Just 32 out of every 1,000 homes were listed for sale in the first eight months of 2024. That rate is down 30 percent from before the pandemic in 2019 (46 listings per 1,000 homes) and 29 percent down from during the pandemic-driven buying spree in 2021 (45 listings per 1,000 homes).