American homeowners are taking their properties off the market as buyers push back against high housing costs and slowing demand creates a buyer’s market.
According to a report from real estate brokerage Redfin, 5.8% of all U.S. home listings were removed from the market without no sales in the month of April. This percentage matches the share from last year’s December and marks the highest rate of delistings for the housing market since March 2020. Redfin’s analysis of MLS data found that delistings increased 3.8% month after a month on a seasonally adjusted basis, marking the second consecutive monthly increase.
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The trend is largely driven by the expectations between buyer and seller not aligning. Rising inventory is outpacing buyer demand, causing properties to sit on the market longer. While mortgage rates fell from their recent peaks in April, borrowing costs remain double pandemic-era lows, straining affordability for house hunters and making buyers highly price sensitive.
Many homeowners still maintain the pandemic era price expectations, anticipating top dollar offers or bidding wars that are no longer common. Facing increased competition from other listings, a large number of owners are opting to pull their homes entirely rather than slash asking prices. Additionally, macroeconomic factors, including inflation, tariffs, job security, and the war involving Iran, are fueling caution among both buyers and sellers.
Delisting is frequently used as a strategic reset, which lets sellers remove a stale listing and relaunch it later with updated photos, a different price, or during a more active season. Some homeowners are choosing to rent out their properties instead, particularly if they hold a low pandemic-era mortgage rate they prefer not to give up.
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Geographically, delistings were most common in Atlanta, where 10.7% of listed homes were pulled from the market in April, the highest share among the 50 most populous U.S. metropolitan areas. Other metros with high delisting rates include San Jose at 9.3%, followed by Los Angeles, Dallas, and Seattle, which each recorded a 7.8% delisting rate. Conversely, delistings were least common in Pittsburgh, where only 3.5% of listings were removed.
The report also highlighted an increase in relistings. In April, 2.5% of homes on the market belonged to owners who had pulled their properties within the prior 12 months, marking the highest share since mid 2020. This means that some previous sellers are returning to the market and are adjusting to the current economic conditions. San Francisco led the nation in this trend, with relistings accounting for 4.2% of its active inventory.