Written by David Dodge  

As we approach the end of 2025, the U.S. housing market remains in a prolonged standoff. Homeowners are withdrawing listings at unprecedented rates rather than reducing prices, creating a phenomenon that's reshaping inventory, negotiations, and opportunities for both buyers and sellers.

According to Redfin's November 2025 report, nearly 85,000 homes were delisted in September alone—a 28% increase from September 2024 and the highest September total in eight years. Realtor.com data shows delistings up approximately 45% year-to-date through October, marking 2025 as the highest delisting year since tracking began in 2022

This trend reflects cooling demand amid mortgage rates hovering around 6-7%, combined with sellers' reluctance to accept lower offers. Many homeowners, locked into pandemic-era rates below 4%, view price cuts as unnecessary given their substantial equity gains.

The result? Visible inventory appears higher, but "effective" supply—the homes actually available at market-clearing prices—remains tight. This dynamic props up prices in many areas while giving discerning buyers more leverage on lingering listings.

In this blog, we'll examine the latest data on the delisting surge, explore why sellers are choosing this strategy, analyze impacts on the market, and provide practical tips for buyers to navigate and capitalize on these conditions.

The Growing Trend of Delistings

Delistings have accelerated throughout 2025, becoming one of the market's most prominent features. Redfin reported that delistings rose steadily since spring 2024, peaking at a 39% year-over-year increase in June 2025 before settling at 28% in September.

Nationwide, about 5.5% of listings were delisted in September—the highest September rate in a decade. Meanwhile, Realtor.com noted that roughly 6% of active listings have been removed monthly since June, cementing 2025's record status.

A key driver is the proliferation of stale listings. Redfin found that 70% of delisted homes in September had been on the market for at least 60 days, with the typical one lingering around 100 days.

Regional disparities are stark, with post-pandemic boom markets hit hardest. According to Realtor.com's November report, Miami led with the highest delisting-to-new-listing ratio at 45.1% in October, followed by Denver at 39.2% and Houston at 36.6%.

Redfin's September data highlighted Miami with 7.8% of listings delisted—the nation's highest share—while Virginia Beach saw the largest annual jump at 74.5%

These hotspots, including Florida and Texas metro areas, experienced rapid appreciation during the pandemic frenzy but now face slower sales as buyers struggle with affordability. Overall, inventory growth has slowed as delistings offset new additions, preventing a sharper price correction despite softening demand.

This trend underscores a market in transition: from extreme seller dominance to a more balanced—but still stagnant—environment.

Why Sellers Are Pulling Listings

Sellers' decisions to delist stem from a combination of financial security, psychological factors, and tactical considerations.

The dominant force is the mortgage rate lock-in effect. Millions of homeowners secured rates below 4% during 2020-2021, making a move prohibitively expensive. Replacing a 3% mortgage with one at 6-7% could add hundreds or thousands to monthly payments, even on a similar-priced home.

As Redfin economist Asad Khan explained, "Many homeowners who bought during the pandemic demand frenzy still expect sky-high prices. They remember a seller’s market, so they’re hesitant to yield to buyers".

High equity provides a buffer. Most recent buyers aren't underwater; rapid appreciation has built substantial wealth on paper, allowing them to wait without distress. Redfin noted that 15% of September delistings were at risk of loss—the highest in five years—but overall, sellers view reductions as forfeiting gains rather than true losses.

Unrealistic expectations persist from the boom era, when multiple offers were routine. Now, with tepid demand, many refuse concessions. Stale listings exacerbate this: Homes overpriced relative to current conditions sit unsold, prompting withdrawal to "reset" days on market upon relisting.

About 20% of summer delistings were relisted within three months, often strategically. As Khan stated, "The frequency of delistings is keeping inventory tighter than it looks on paper... That keeps sale prices elevated."

Nearly half (47%) of September delistings involved homes purchased in the last five years—disproportionately recent buyers facing the starkest rate jump.

In essence, delisting is a "trump card," as one Realtor.com economist described similar behavior: Sellers hold leverage through low rates and equity, choosing patience over compromise.

Impact on Sellers and Buyers

The delisting wave creates asymmetric effects, prolonging stagnation while subtly shifting power.

For sellers, drawbacks mount. Extended market time increases carrying costs, and withdrawn homes risk stigma upon relisting. If rates drop significantly in 2026, a flood of "shadow inventory"—currently delisted properties—could surge supply, pressuring prices.

Redfin agents report sellers delisting after months without offers, or opting not to list at all (source:). Missed opportunities arise if lower rates spur competition sooner than expected. Some pivot to renting, adding to the rental supply but delaying sales.

For buyers, delistings indirectly help. Reduced active supply prevents steep price drops but increases leverage on remaining homes. Price cuts hit records in many months, with concessions like closing costs, repairs, or buydowns commonplace.

Overall sales remain depressed—turnover at multi-decade lows around 2.8%—but buyer-friendly shifts emerge in oversupplied regions. Canceled contracts rose, reflecting buyer selectivity.

The broader market suffers stagnation: Fewer transactions, plateauing prices nationally (though varying regionally), and frustration on both sides. As Realtor.com's Danielle Hale noted, rising delistings highlight the "push and pull" of affordability pressures.

Yet this rebalancing offers openings. In Sun Belt markets, more options and motivated relisters create deals. Nationally, prices rose modestly but slowed, with some areas seeing declines.

Long-term, persistent lock-in (58% of loans below 4%) limits thaw, but gradual unwinding—through life events or rate drops—looms for 2026.

Tips for Buyers Spotting Opportunities

In a market defined by seller holdouts, buyers who target motivation signals can secure advantages.

• Target high-delisting metros: Focus on Miami, Denver, Houston, and similar areas where frustrated sellers often concede upon relisting (sources: Realtor.com November report; Redfin September data).
• Prioritize stale or discounted listings: Homes on market 60+ days or with recent cuts indicate flexibility—negotiate firmly.
• Demand concessions: In negotiations, request seller-paid closing costs, repairs, home warranties, or temporary rate buydowns to offset high rates.
• Leverage off-market networks: Work with agents monitoring expired, withdrawn, or pocket listings—these often sell quietly at better terms.
• Monitor relistings closely: Use alerts on platforms like Redfin or Realtor.com for delisted homes returning, potentially at adjusted prices.
• Exercise patience strategically: With potential rate relief and seasonal relistings in spring 2026, waiting could yield more inventory—but act decisively on strong matches.
• Get pre-approved and inspect thoroughly: Strengthens offers; avoid waiving contingencies in a less frantic market.
• Consider "refuge markets": Areas like Grand Rapids or St. Louis offer affordability without boom-bust volatility (source: Realtor.com).

Data-driven persistence pays: While supply feels constrained, delistings mask underlying motivation.

Conclusion

The 2025 delisting surge epitomizes a market at impasse—sellers leveraging low rates and equity to resist concessions, buyers constrained by affordability.

Data from Redfin and Realtor.com paint a clear picture: Record withdrawals support prices short-term, but risk prolonged low turnover and potential 2026 oversupply if rates ease.

For buyers, vigilance turns frustration into opportunity: More leverage, concessions, and emerging deals in cooling regions.

Sellers: Stubbornness may backfire—realistic pricing often outperforms waiting.

As mortgage rates potentially moderate and lock-in fades gradually, 2026 could bring renewed activity. Until then, adapt: Buyers hunt motivated listings; sellers weigh costs of holding.

The housing market rewards those who read the trends accurately.