If you’re trying to sell your home right now, brace yourself: this is shaping up to be one of the most difficult markets for sellers in U.S. history.
A staggering $698 billion worth of home listings are now sitting on the market nationwide — the highest total ever recorded since Redfin began tracking the data in 2012. With inventory surging and buyer demand falling, an unprecedented number of homes simply aren’t selling.
Why This Market Is So Tough for Sellers
- 👉 More homes on the market than buyers
- 👉 Homes sitting longer — nearly half not selling within 2 months
- 👉 Rising prices, but even more rising inventory
- 👉 Buyers negotiating harder, canceling more contracts
In short: sellers face more competition, more price pressure, and slower sales than at any time in the past decade — if not ever.
The Numbers: A Historic Glut of Unsold Homes
- $698 billion in total listings — up 20.3% from a year ago
- 44% of listings now “stale” — sitting unsold for 60+ days
- $331 billion of that stale inventory — nearly half of all listings
- Inventory at a 5-year high; new listings at a 3-year high
- Homes taking 40 days to sell on average — slower than last year
In short, inventory is ballooning because more sellers are listing their homes while buyers retreat due to high mortgage costs and economic uncertainty.
“A huge pop of listings hit the market at the start of spring, and there weren’t enough buyers to go around,” said Redfin Premier agent Matt Purdy. “House hunters are only buying if they absolutely have to, and even serious buyers are backing out of contracts more than they used to.”
Why This May Be the Most Difficult Selling Market Ever
Let’s compare:
- In January 2022, during the pandemic boom, listings totaled just $309 billion — less than half of today’s level.
- Homes sold in just 24 days, with multiple offers and bidding wars.
- Now? Homes are sitting twice as long, with far more competition.
Redfin economists expect home prices to decline 1% by year’s end as the growing surplus of homes forces sellers to cut prices.
Bottom line for sellers: This market is getting tougher by the month. If you must sell, you need to price aggressively and be prepared to negotiate. The days of fast sales and easy offers are over — this is now a buyer’s market in many parts of the country.