Dec 5, 2025
Home sellers across the U.S. are hitting the brakes and pulling home listings offline at the fastest pace in years. According to Redfin, nearly 85,000 homeowners delisted their properties in September, a 28% jump from last year and the highest level for that month since 2017 (1).
The surge in delistings may be partially due to how long properties are sitting on the market. Roughly 70% of homes listed in September had been on the market for at least 60 days, Redfin found, a sign of weakening demand and growing hesitation from buyers.
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“The frequency of delistings is keeping inventory tighter than it looks on paper,” said Asad Khan, a senior economist at Redfin (1).
“When tens of thousands of homeowners pull their homes off the market rather than accept a low offer, it effectively reduces the supply of homes that are actually available for buyers. That keeps sale prices elevated.”
With mortgage rates still high, prices softening and consumer confidence cooling, many sellers are deciding that now simply isn’t the right time to make a move.
What’s driving this trend
The rise in delistings reflects a housing market that’s cooling in complicated ways. Homes are lingering far longer than they did just a year ago — the typical home that was pulled from the market in September had already been listed for 100 days, according to Redfin.
Sellers understand that the longer a listing sits, the more likely buyers are to expect a discount, so many homeowners are choosing to wait, rather than continue lowering their price.
Price softening is another factor contributing to seller hesitation. While home prices are still higher than they were last year, the gains have slowed: prices rose 1.3% year over year in September, down from 1.4% in August, according to the S&P Cotality Case-Shiller U.S. National Home Price NSA Index (formerly the S&P CoreLogic Case-Shiller U.S. National Home Price Index) (2).
In fact, some sellers are discovering they may have to accept less than they paid for their properties. Redfin noted that 15% of delisted homes were at risk of selling at a loss, the highest level in five years. CNBC also reports that sellers who stay on the market are cutting prices more frequently, often multiple times, in an effort to attract buyers (3).
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At the same time, the inventory picture is more complicated than it appears. Redfin notes that the supply of homes for sale is 15% higher than a year ago, but delistings effectively reduce the number of homes buyers can actually purchase. Many sellers with ultralow pandemic mortgage rates also prefer to keep their homes or rent them out rather than sell in a slower market.
Median home sale prices are more than 25% higher than five years ago, according to Federal Reserve data (4). Combining that with mortgage rates hovering near multidecade highs may push many buyers out of the market entirely. That lack of demand feeds directly into the rise in stale listings and delistings.
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What this means for sellers
Sellers face a market where patience matters more than ever. Homes are taking longer to sell, and buyers are negotiating harder, so pricing strategy is critical from day one. Here's what to keep in mind if you're looking to sell your home.
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Expect longer timelines: With 70% of listings sitting 60 days or more, sellers should be prepared for weeks or months on the market.
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Start with a realistic price: Today’s buyers are sensitive to overpricing, and repeated cuts signal weakness.
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Consider waiting until spring: Spring is historically the busiest season, so waiting to list may offer stronger demand and fewer price cuts.
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Think about renting instead of selling: Homeowners with low mortgage rates can opt to rent until the market improves. This allows sellers to wait out the cooling market and may help them command a higher price in the long run.
What this means for buyers
Buyers, meanwhile, may find now a strategic time to buy, if they’re prepared. With demand softening and more listings showing price cuts, the market is giving buyers leverage they haven’t seen in years. Here's how this could help you land your dream home.
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Look for negotiation opportunities: Sellers who remain on the market are often more motivated, especially after multiple price cuts.
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Watch for deeper discounts: Zillow reports cumulative cuts now average $25,000 (5); a sign more flexibility may be coming.
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Be ready to move quickly: Some sellers will pull their homes if they don’t see activity within a few weeks. Being preapproved can make your offer stronger.
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Don’t rush to overpay: With pending sales flat year over year, competition remains low. Prices aren’t plunging, but the pressure to bid above asking is mostly gone.
Delistings typically rise heading into winter, and economists expect this trend to continue as the market slows further. While one in five delisted homes eventually returned to the market, according to Redfin, many sellers won’t likely try again until spring — especially if mortgage rates remain elevated.
For now, both buyers and sellers are navigating a rare moment: a market soft enough to create opportunity, but uncertain enough to reward patience.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Redfin (1); S&P Global (2); CNBC (3); Federal Reserve Bank of St Louis (4); Zillow (5)
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Danielle is a personal finance writer based in Ohio. Her work has appeared in numerous publications including Motley Fool and Business Insider. She believes financial literacy key to helping people build a life they love.
