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early 85,000 U.S. homes were removed from the market in September, a 28 % jump from last year and the highest monthly figure since 2017, according to Redfin’s analysis of listing data back to 2016. Redfin defines a delisting as a property that stays off the market for more than 31 days without a sale or contract.
The spike reflects a broader retreat by sellers in a cooling market marked by high mortgage rates, weaker demand, and rising inventories. In September, about 70 % of active U.S. listings had been on the market for at least 60 days, and the average home pulled had sat unsold for roughly 100 days.
Delistings have been climbing for 18 consecutive months. The most dramatic rise occurred in June, when 39 % of listings were withdrawn. A similar wave hit in 2022 after borrowing costs surged from pandemic lows.
Why sellers are pulling listings:
* **Stalled demand** – record home prices, high rates, and economic uncertainty, including the federal shutdown, have dampened buyer activity.
* **Reluctance to take losses** – about 15 % of September’s delisted homes were listed at no more than 10 % above the owner’s purchase price, risking a loss.
* **Rental fallback** – many prospective sellers are choosing to rent instead of accept lower offers.
* **More supply** – active listings rose 8 % YoY in September, the largest monthly increase since 2019, naturally leading to more withdrawals.
“More sellers are giving up because their homes have been on the market too long and they can’t afford to settle for a lower price,” said Redfin senior economist Asad Khan.
Withdrawals accounted for 5.5 % of all U.S. listings in September, the highest share in Redfin’s records and up from 4.8 % a year earlier. This rise shows how many sellers are balking at current conditions even as inventory expands.
Despite fundamentals that suggest downward price pressure—higher inventory and a 2 % drop in contract signings—national home prices still rose about 2 % YoY in September. Economists argue that widespread delistings help keep effective supply tighter than raw inventory numbers indicate. “When tens of thousands of sellers pull back rather than accept offers below their expectations, the effective supply for buyers shrinks,” Khan added.
Many homeowners are not listing at all. New listings remain flat as owners with pandemic‑era low rates weigh whether selling makes sense today. “It’s no longer a great time to sell,” said Boston Redfin Premier agent Aditi Jain. “Most listings get one or two offers now, instead of ten. If sellers don’t hit their number, they’ll wait a year or two—or rent the property out.”
Delisting is often a strategy, not a final exit. About 20 % of homes withdrawn in July and 18 % in June returned to the market within three months, usually at revised prices. Roughly one‑third of those relisted in July have since sold.
Nearly half of September’s delisted homes were owned by buyers who purchased within the past five years, a group that is disproportionately likely to withdraw. Only 37 % of all active listings nationwide are owned by such recent buyers. Pandemic‑era purchasers often carry sub‑3 % rates and still expect bidding wars, so many are testing the market rather than needing to move. Long‑term homeowners, with more equity and clearer relocation plans, are generally more motivated to sell.
Metro‑level highlights (September):
* **Largest annual increases** – Virginia Beach (+74.5 %), Washington, D.C. (+53.9 %), San Jose (+53.3 %), Dallas (+52.1 %), Houston (+49.6 %).
* **Declines** – St. Louis (‑12.4 %), Nassau County, N.Y. (‑7.2 %), Chicago (‑1 %).
* **Highest share of delistings** – Miami (7.8 %), followed by Fort Lauderdale, Dallas, Philadelphia, West Palm Beach (~7.5 %).
* **Lowest share** – Pittsburgh (3.4 %), Milwaukee (3.5 %), Columbus (3.6 %), Cincinnati (3.7 %), Chicago (4.1 %).
* **Most stale listings** – Miami and Fort Lauderdale (84.6 %), Austin (82.8 %), West Palm Beach (82 %), San Antonio (81.2 %).
* **Least stale** – San Jose (44.2 %), San Francisco (45.9 %), Boston (48.9 %), Providence (49.1 %), Milwaukee (49.2 %).
