Map Reveals Where American Sellers Are Pulling Their Homes off the Market
Summary
Many home sellers in large U.S. cities are taking their houses off the market because they are not getting good offers or the homes are staying unsold too long. A recent report by Redfin shows this trend is strongest in cities like Atlanta, San Jose, and Los Angeles, and overall delisting rates are now as high as during the start of the COVID-19 pandemic.Key Facts
- In April, 5.8% of all U.S. home listings were withdrawn from the market, tying the highest level since March 2020.
- Atlanta had the highest percentage of homes pulled from the market at 10.7%.
- Other cities with high delisting rates include San Jose (9.3%), Los Angeles (7.8%), Dallas (7.8%), and Seattle (7.7%).
- High delisting rates often happen in strong buyer’s markets, where buyers have more power to negotiate lower prices or better conditions.
- Rising living costs and higher interest rates have made buyers less willing to pay high prices for homes.
- Some sellers refuse to lower prices or change terms, leading them to remove listings instead.
- Cities with the lowest delisting rates include Pittsburgh (3.5%), Columbus (3.6%), and Chicago (3.6%), where sellers face less pressure.
- The housing market has changed greatly since before 2020, with delistings now more common than ever.
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