Are home sellers slamming the door on a softening market? A striking 47% surge in delistings nationwide in May 2025 signals that many are choosing to wait rather than budge on price.
According to Realtor.com, nationally, delistings—homes pulled from the market without a sale—jumped 47% in May 2025 compared to the same month last year, with year-to-date figures up 35% over 2024.
This trend comes amid a market shift, as active inventory swelled 28% in June 2025 compared to June 2024, topping 1 million listings for the second consecutive month.
New listings rose 8.8% year-over-year in June 2025, though they've stalled over the past two months.
Yet, for every 100 homes hitting the market in May 2025, 13 were delisted—up from 10 in spring 2024 and just 6 in 2022.
The South and West are ground zero for this pullback, with inventory surging above pre-pandemic levels and prices either flat or declining.
In Phoenix, the delisting wave is stark: 30 homes were pulled for every new listing in May 2025, the highest ratio in the country.
Phoenix also saw 34% of listings with price cuts in June 2025, followed closely by Austin, Texas, and Denver.
Nationally, 20.6% of listings carried price reductions in June 2025, a 2.2-point increase from last year and the highest June share since at least 2016, per Realtor.com data.
The national median list price barely moved, inching up 0.1% to $440,950 in June 2025 compared to a year ago.
Some metros saw gains—Baltimore up 6.8%, Virginia Beach, Virginia, up 5.8%—while others like Cincinnati (-5%) and Sacramento, California (-4.8%), faced steep declines.
"Unlike past cycles with falling prices, today's homeowners have record equity, so they can wait," said Realtor.com senior economist Jake Krimmel.
"Buyers see more choices now, but sellers, backed by strong equity, often step back if their price isn't met," noted Danielle Hale, chief economist at Realtor.com.
For investors and homeowners, this standoff suggests opportunity and caution: buyers may find deals as inventory grows and days on market stretch to 53 in June 2025, up five days from last year, while sellers might consider timing their exit in a market tilting toward buyers.