Homeowners who can’t get top dollar are pulling their homes off the market in record numbers.
According to Redfin, nearly 85,000 sellers delisted their homes in September, a 28 percent increase from the year before and the highest September number in eight years.
What’s driving it? Rising mortgage rates, cautious buyers, and sellers still clinging to pandemic-era price expectations. Today’s buyers aren’t overpaying, but many sellers aren’t willing to cut a deal.
“Many homes have a sticker price higher than buyers are willing to pay, but many sellers are unwilling to negotiate,” said Asad Khan, senior economist at Redfin.
Most of these listings sat unsold for months. Seventy percent had been on the market for at least 60 days. Many were pulled after more than 100 days with no offers. Almost half came from homeowners who bought in the last five years.
“Many homeowners who bought during the pandemic demand frenzy still expect sky-high prices,” Khan said. “They remember a seller’s market, so they’re hesitant to yield to buyers.”
These homeowners are also locked into ultra-low mortgage rates, making them even less likely to sell. But in some markets like Miami, Fort Lauderdale, and Dallas, the standoff is cracking. Homes are sitting longer, and prices are finally softening.
Nationally, home prices are barely moving, rising just 1.3 percent in the last year, the slowest growth since mid-2023.
