In the ten-year period between 2014 and 2024, U.S. domestic mobility declined from 14.3 percent to 11 percent.
While that may sound like just another demographic statistic, it tells us something deeper about the health of the housing market. When households move, homes are listed. When movement slows, so does market activity.
At a time when inventory shortages dominate the national housing conversation and remain especially relevant here locally, understanding which markets are still experiencing movement underscores why increasing housing supply is essential to creating a healthier market.
Many homeowners who secured historically low mortgage rates during 2020 and 2021 are choosing to stay put, often referred to as “golden handcuffs.” This lock-in effect has constrained supply and reduced the number of homes coming to market. Combined with an aging population that is moving less frequently, housing turnover has slowed considerably. In Tennessee, the 65+ population expanded faster than any other group across all MSAs, according to the Tennessee Housing Development Agency.
At the same time, population growth continues to reshape the state’s housing needs. THDA research shows Tennessee’s population reached about 7.2 million in 2024, with projections calling for an additional 510,000 residents over the next decade. To keep pace, the state must add roughly 30,000 to 35,000 new homes per year through 2035, including more than 160,000 units in the Nashville region alone. Without meaningful increases in housing stock, competition for homes will only intensify.
It comes as no surprise, then, that Nashville’s mobility rate declined by 2.9 percent over the past decade. Clarksville experienced a 4.2 percent decrease, Chattanooga 1.9, and Memphis 4.9. In an environment where movement makes a difference, expanding housing supply remains one of the most important solutions for sustaining market activity.
While most metros across Tennessee and the nation have seen declines, a few are defying the trend. Amarillo, Texas leads the list, with a domestic mobility rate reaching about 17.9 percent in 2024, showing nearly one in five residents moved within the past year.
Greensboro, North Carolina also experienced a one-percentage-point increase in mobility, highlighting how local dynamics can still drive momentum even amid national slowdowns.
As we continue to grapple with affordability challenges and inventory constraints, it is more important than ever to focus on solutions that encourage movement, expand housing options and support a more active, balanced housing market.
