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Yahoo
6 days ago
- Business
- Yahoo
The number of unsold homes in the U.S. hits a record high — is that good news for buyers?
There's nearly $700 billion in unsold homes sitting on the market nationwide, according to Redfin. That's a 20.3% jump from a year ago and, at $698 billion, likely adds up to the highest dollar amount ever, the Seattle-based online brokerage said, citing an analysis of the value of listings on from 2012 through April of this year. And $330 billion of the unsold properties — 2 out of every 5 — are considered 'stale inventory' because they've been on the market for at least 60 days. At 44%, that number is up from 42.1% a year earlier, and the highest for April since the COVID-19 lockdown in 2020. So what's behind the big numbers? Here's what Redfin says: More sellers than buyers. Just two years ago, buyers outnumbered sellers but another recent Redfin analysis estimated there are nearly 500,000 more now, 1.9 million compared to 1.5 million. That 33.7% difference is up from 6.5% more sellers than buyers a year ago. Taking longer to sell. It took 40 days for a typical home to go under contract in April, compared to 35 days a year ago. During the pandemic buying boom, when mortgage rates were still at record lows, it took an average of just 24 days to seal the deal. Demand down. Polls show buyers are hesitating to make big purchases, due to the economic uncertainty surrounding President Donald Trump's policies, including ever-changing tariffs. Monthly mortgage payments have also reached record highs. Prices up. In April, the median U.S. sale price for a home was up year over year. But the total value of the current inventory climbed much more, 20.3%, indicating the increase in the number of listings 'is a bigger factor.' Denver real estate agent Matt Purdy said on the Redfin site that he spotted the trend earlier this year, at the beginning of the critical spring housing market that's supposed to be the busiest time for sales. 'A huge pop of listings hit the market at the start of spring, and there weren't enough buyers to go around,' Purdy said 'House hunters are only buying if they absolutely have to, and even serious buyers are backing out of contracts more than they used to.' But he suggested there's a silver lining in the shifting market: 'Buyers have a window to get a deal; there's still a surplus of inventory on the market, with sellers facing reality and willing to negotiate prices down.' Redfin's head of economic research, Chen Zhao, also said buyers may benefit. 'Not only are there more homes for sale than there have been in five years, but the value of those homes is higher than it has ever been,' Zhao said. 'We expect rising inventory, weakened demand, and the prevalence of stale supply to push home prices down 1% by the end of this year, which should improve affordability for buyers because incomes are still going up.'
Yahoo
6 days ago
- Business
- Yahoo
The number of unsold homes in the U.S. hits a record high — is that good news for buyers?
There's nearly $700 billion in unsold homes sitting on the market nationwide, according to Redfin. That's a 20.3% jump from a year ago and, at $698 billion, likely adds up to the highest dollar amount ever, the Seattle-based online brokerage said, citing an analysis of the value of listings on from 2012 through April of this year. And $330 billion of the unsold properties — 2 out of every 5 — are considered 'stale inventory' because they've been on the market for at least 60 days. At 44%, that number is up from 42.1% a year earlier, and the highest for April since the COVID-19 lockdown in 2020. So what's behind the big numbers? Here's what Redfin says: More sellers than buyers. Just two years ago, buyers outnumbered sellers but another recent Redfin analysis estimated there are nearly 500,000 more now, 1.9 million compared to 1.5 million. That 33.7% difference is up from 6.5% more sellers than buyers a year ago. Taking longer to sell. It took 40 days for a typical home to go under contract in April, compared to 35 days a year ago. During the pandemic buying boom, when mortgage rates were still at record lows, it took an average of just 24 days to seal the deal. Demand down. Polls show buyers are hesitating to make big purchases, due to the economic uncertainty surrounding President Donald Trump's policies, including ever-changing tariffs. Monthly mortgage payments have also reached record highs. Prices up. In April, the median U.S. sale price for a home was up year over year. But the total value of the current inventory climbed much more, 20.3%, indicating the increase in the number of listings 'is a bigger factor.' Denver real estate agent Matt Purdy said on the Redfin site that he spotted the trend earlier this year, at the beginning of the critical spring housing market that's supposed to be the busiest time for sales. 'A huge pop of listings hit the market at the start of spring, and there weren't enough buyers to go around,' Purdy said 'House hunters are only buying if they absolutely have to, and even serious buyers are backing out of contracts more than they used to.' But he suggested there's a silver lining in the shifting market: 'Buyers have a window to get a deal; there's still a surplus of inventory on the market, with sellers facing reality and willing to negotiate prices down.' Redfin's head of economic research, Chen Zhao, also said buyers may benefit. 'Not only are there more homes for sale than there have been in five years, but the value of those homes is higher than it has ever been,' Zhao said. 'We expect rising inventory, weakened demand, and the prevalence of stale supply to push home prices down 1% by the end of this year, which should improve affordability for buyers because incomes are still going up.'
Yahoo
02-06-2025
- Business
- Yahoo
Redfin Reports U.S. Home Sellers Are Sitting on $700 Billion Worth of Listings, an All-Time High
More than $330 billion worth of listings have been sitting on the market for 60 days or longer SEATTLE, June 02, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — There's a total of $698 billion worth of homes for sale in the U.S., up 20.3% from a year ago and the highest dollar amount ever, according to a new report from Redfin ( the technology-powered real estate brokerage. The report is based on an analysis of listings on going back through 2012. For the total dollar value of all inventory on the market, Redfin summed up the list price of all active U.S. listings as of the last day of each month; April 2025 is the most recent month for which data is available. For the purposes of the report, the term "value" is interchangeable with "list price"; i.e., when it refers to "total home value," it means the sum of all list prices. The total value of U.S. home listings is at an all-time high because of the combination of growing inventory, slowing demand, and increasing home-sale prices: Housing supply is at a 5-year high. There are many more sellers than buyers in the market. The total number of homes on the market nationwide rose 16.7% year over year in April to its highest level in 5 years, with the mortgage-rate lock-in effect easing and homeowners trying to cash out due to economic uncertainty. New listings increased 8.6% to a 3-year high. Homes are sitting on the market longer. The typical home that sold in April took 40 days to go under contract, 5 days longer than a year earlier. There's also a growing share of inventory that has been sitting on the market for longer than two months. Homebuying demand is falling. Home sales are declining, and Redfin agents in much of the country report that would-be buyers are backing off due to record-high monthly housing costs and widespread economic instability. Home prices are rising. The median U.S. home-sale price rose 1.4% year over year in April. Note that the total value of inventory is up by much more, 20.3% year over year, which signals that in recent years, the rising number of listings is a bigger factor in the total value of inventory than rising prices. Another Redfin analysis found that there are nearly 500,000 more home sellers than buyers in today's housing market. The fact that so many homes are being listed without buyers out there to purchase them, along with continually rising prices, explains why there are 12 figures worth of unsold inventory sitting on the market. "A huge pop of listings hit the market at the start of spring, and there weren't enough buyers to go around," said Matt Purdy, a Redfin Premier agent in Denver. "House hunters are only buying if they absolutely have to, and even serious buyers are backing out of contracts more than they used to. Buyers have a window to get a deal; there's still a surplus of inventory on the market, with sellers facing reality and willing to negotiate prices down." Contrast today's total value of inventory with the red-hot pandemic-era housing market, defined by tight supply. The total value of listings dropped to $309 billion in January 2022, the lowest dollar value in Redfin's records, which date back to 2012. At the start of 2022, mortgage rates were sitting at a near-record-low of 3.1%, homebuyers were hungry, and home supply was at its lowest level on record. Homes were flying off the market in 24 days, compared to today's pace of 40 days. 44% of Listings Have Been Lingering on the Market For 60+ Days More than two in five (44%) listings in April had been on the market for at least 60 days without going under contract, which Redfin refers to in its report as "stale inventory." That's up from 42.1% a year earlier, and the highest April share since 2020, when the start of the pandemic ground the housing market to a halt. There's $331 Billion Worth of Stale Inventory on the Market The total value of that stale inventory is $331 billion, which accounts for nearly half of the dollar value of all inventory. That's up 20.5% year over year. "The record-high dollar value of all homes listed for sale is one way to quantify this buyer's market," said Chen Zhao, Redfin's head of economics research. "Not only are there more homes for sale than there have been in five years, but the value of those homes is higher than it has ever been. We expect rising inventory, weakened demand, and the prevalence of stale supply to push home prices down 1% by the end of this year, which should improve affordability for buyers because incomes are still going up." To view the full report, including charts and full methodology, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Angela Cherrypress@ Sign in to access your portfolio
Yahoo
15-04-2025
- Business
- Yahoo
Redfin joins Zillow in banning privately marketed homes as secret listing fight heats up
Redfin will ban home listings that receive delayed public marketing from appearing on its portal, following Zillow's lead in an ongoing real estate fight over so-called pocket listings. 'Because we believe that all buyers should be able to see all listings, will not publish any listings that have been publicly marketed before being shared with all real estate websites via the MLS,' Redfin CEO Glenn Kelman wrote in a blog post on Monday. Learn more: What are pocket listings, and how do they affect buyers and sellers? Redfin's decision follows a similar move by Zillow in response to a new rule from the National Association of Realtors meant to settle an industry fight over semi-secret listings known as 'pocket' or 'off-market' listings. The NAR kept in place a policy requiring homes to be listed on shared databases known as multiple listing services within a day of beginning public marketing, but added a provision that gives sellers the option to delay advertising their homes online. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy The public marketing rule, known as Clear Cooperation, and the delayed marketing compromise have sparked fierce debate within the industry. Fair housing advocates and listings aggregators including Zillow and Redfin have long supported Clear Cooperation, saying it aids market transparency. Other brokerages have opposed it, arguing it limits seller choice and risks leaving them stuck with the stigma of price cuts and growing days on market. Read more: What is the best time of year to buy a house? Kelman urged MLSs to create a 'Coming Soon' designation that would show homes in an MLS without information about their price history or time on market. Most home sellers want to market their homes to the widest possible pool of potential buyers. But a small percentage of sellers, especially in luxury markets, seek off-market listings to maintain privacy or test aspirational listing prices. In recent years, some brokerages, most notably Compass, have sought to distinguish themselves by promoting their access to private listings. CoStar Group, which owns listings website has also weighed in on the dispute. CEO Andy Florance wrote in a letter to agents last week that real estate platforms should remain neutral on the policy and called Zillow's decision 'a pure power play of epic proportion.' Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance. Sign up for the Mind Your Money newsletter Sign in to access your portfolio
Yahoo
27-03-2025
- Business
- Yahoo
New York and the Midwest Dominate Redfin's Hottest Neighborhoods of 2025
As buyers return to neighborhoods in New York and San Francisco, the popularity of Midwestern suburbs is on the rise SEATTLE, March 27, 2025--(BUSINESS WIRE)--(NASDAQ: RDFN) — Five of Redfin's 10 hottest neighborhoods of 2025 are in Midwest suburbs, according to a new report from Redfin ( the technology-powered real estate brokerage. Pricey coastal cities are also in high demand, with neighborhoods in New York and San Francisco making the list as workers return to the office following the pandemic. Redfin analyzed and ranked U.S. zip codes in the 150 most populous metro areas by year-over-year growth in listing views on and Redfin Compete Score—a measure of how difficult it is to win a home. All data represents January 1 - February 28. The neighborhoods are: Prospect Heights and Clinton Hill, NY Jenison, MI Campton Hills and St. Charles, IL Fairpoint, NY Polk Gulch and Russian Hill, CA Great Kills, NY Franklin, WI Prairie Village and Mission Hills, KS Lakeville, MN Bowie, MD Brooklyn's Prospect Heights/Clinton Hill ranked number one, posting a 105% spike in home sales from a year ago. In total, three New York zip codes made this year's list. "Workers wanted to get out of the crowded city during the pandemic, so they bought or rented properties in upstate New York or elsewhere in the country," said New York Redfin Premier agent Ian Rubinstein. "Many companies now require workers to be in the office at least two to three days a week—so people are coming back. In my opinion, Brooklyn has become even more popular than Manhattan." While New York and San Francisco appear to be returning to pre-pandemic popularity, an emerging story is taking place in the center of the country: the rise of Midwestern suburbs. "Midwest cities have risen in popularity because they're more affordable than cities in other parts of the country, but many buyers are now widening their search to the suburbs after being priced out of popular urban areas," said Redfin Chief Economist Daryl Fairweather. "These neighborhoods are generally a 15-20 minute drive to the downtown of a metro—a reasonable commute for workers—and have easy access to shopping, sought-after schools and recreational pursuits." Homes are selling quicker than they did a year ago in each of the 10 hottest neighborhoods, bucking the national trend of homes selling nearly a week slower. Another common theme among the hottest neighborhoods is a lack of homes for sale, with six of the top 10 posting a drop in active listings from a year ago. That means more eyeballs on the homes that are listed, with every one of the hottest neighborhoods recording a 100%-plus increase in the median number of listing views on In comparison, the number of homes on the market increased 10.7% nationally in February on a seasonally adjusted basis. 1. Prospect Heights and Clinton Hill, NY Zip code: 11238Parent metro area: New York, NY Median sale price: $1,397,000 (+3.9% YoY)Median sale price of parent metro area: $753,000 (+7.6% YoY)Median days on market: 44 (-12 days YoY)Change in home sales: +105% YoYChange in median views per listing: +136% YoYShare of homes that sold above list price: 2% With a mix of new apartment buildings and classic old brownstones, the neighborhoods covered by the 11238 zip code stretch north from Prospect Park and enjoy easy subway access to most of New York. The area is world-renowned for its diverse range of restaurants and entertainment options. Redfin agent Rubinstein said the number of homes for sale is limited and interest from foreign buyers keeps demand high. "Whenever I have a listing in Prospect Heights or Clinton Hill, I expect at least one call from a serious buyer overseas," he said, adding that many local and international buyers pay with cash. "Given the prices, and the wealth required to buy into these neighborhoods, clients are less concerned about high mortgage rates." 2. Jenison, MI Zip code: 49428Parent metro area: Grand Rapids, MI Median sale price: $356,500 (-0.2% YoY)Median sale price of parent metro area: $325,000 (-1.5% YoY)Median days on market: 16 (-8 days YoY)Change in home sales: +11% YoYChange in median views per listing: +139% YoYShare of homes that sold above list price: 24% "Jenison is only 15 minutes to downtown Grand Rapids, where you can catch a game or a show, yet it feels almost rural—there's a lot of green space to move and grow," said local Redfin Premier agent Christine Kooiker. "Taxes are low, land is affordable and the broader Georgetown Township is very open to new development. Every time I drive by, I see a new subdivision that's half finished." "The neighborhood has a small-town feel, with the typical Michigan friendliness, and people from big cities are moving here looking for that. And if they are missing the action, it's only two and a half hours to Chicago or Detroit." 3. Campton Hills and St. Charles, IL Zip code: 60175Parent metro area: Elgin, IL Median sale price: $615,000 (+2.9% YoY)Median sale price of parent metro area: $335,000 (+1.5% YoY)Median days on market: 54 (-37 days YoY)Change in home sales: +38% YoYChange in median views per listing: +133% YoYShare of homes that sold above list price: 36% Campton Hills is a rural neighborhood around 10 miles southwest of Elgin, IL and 50 miles west of Chicago. Downtown St. Charles is only a few minutes away and offers plenty of restaurants and entertainment options—including the Arcada Theatre. Local Redfin Premier agent Cynthia Stolfe said part of the area's appeal is its natural assets. "It feels like almost every home that hits the market in Campton Hills and St. Charles has multiple offers," she said. "Illinois is so flat, but there are some nice rolling hills here. I tell people it's like living in a vacation town. In summer you can go boating, or water skiing or kayaking and there are parks and trails all along the river." 4. Fairport, NY Zip code: 14450Parent metro area: Rochester, NY Median sale price: $350,000 (+9.4% YoY)Median sale price of parent metro area: $220,000 (+15.8% YoY)Median days on market: 8 (-2 days YoY)Change in home sales: +48% YoYChange in median views per listing: +127% YoYShare of homes that sold above list price: 81% Redfin Premier agent Kimberly Hogue said Fairport is a quaint village right on the Erie Canal—full of trendy restaurants, bars, breweries and distilleries. The village, 15 minutes' drive southeast of Rochester in the town of Perinton, even attracts celebrities—late night star Jimmy Fallon makes an annual pilgrimage to visit friends at a local pub. "The waterfront is easily navigable on foot or by bike and is a destination on its own, with galleries, shops, parks and playgrounds," she said. "Like the Rochester real estate market overall, demand in Fairport is strong and inventory is low, which means most homes sell for more than their list price and get snatched up in under a week." 5. Polk Gulch and Russian Hill, CA Zip code: 94109Parent metro area: San Francisco, CA Median sale price: $1,065,000 (+10% YoY)Median sale price of parent metro area: $1,500,000 (+5% YoY)Median days on market: 61 (-4 days YoY)Change in home sales: -6% YoYChange in median views per listing: +129% YoYShare of homes that sold above list price: 24% Polk Gulch (an area also known as Nob Hill) and Russian Hill are located in the heart of San Francisco, stretching north from the Tenderloin area to Fort Mason on the waterfront. Both neighborhoods are characterized by a mix of housing types—from mid-rise apartment buildings to larger Victorian and Edwardian homes. "Many wealthy local and international tech workers—especially those in the booming AI sector—are looking to buy in these neighborhoods," said local Redfin Premier agent Ali Mafi. "People keep saying 'San Francisco's back.' The truth is: it never left." Mafi said Polk Gulch is famous for its food scene and nightlife, while Russian Hill is a little slower-paced. "Young singles and families alike are looking for homes in Polk Gulch so they can be close to the action," he said. "You don't have to walk more than two blocks to find pretty much everything you need here." 6. Great Kills, NY Zip code: 10308Parent metro area: New York, NY Median sale price: $700,000 (+4.3% YoY)Median sale price of parent metro area: $753,000 (+7.6% YoY)Median days on market: 44 (-26 days YoY)Change in home sales: +19% YoYChange in median views per listing: +121% YoYShare of homes that sold above list price: 35% Great Kills is a neighborhood on the south shore of Staten Island, with relatively easy access to Brooklyn and the rest of New York. Redfin partner agent Lauren Levert said the neighborhood is lined with shops, restaurants and parks—including the new Brookfield Park—and has a marina with nightlife and restaurants. "Buyers need to come in hot in Great Kills," she said. "Competition is fierce, with many homes going above list price to buyers with significant down payments." 7. Franklin, WI Zip code: 53132Parent metro area: Milwaukee, WI Median sale price: $392,500 (+10.5% YoY)Median sale price of parent metro area: $330,000 (+20% YoY)Median days on market: 49 (-17 days YoY)Change in home sales: +25% YoYChange in median views per listing: +129% YoYShare of homes that sold above list price: 40% Franklin is the southern gateway to Milwaukee, with plenty of shopping and restaurants within a short drive and high-quality sporting facilities—including the Rock Sports Complex. "It's a really attractive location for commuters who either work in downtown Milwaukee or in Chicago a few days each month," said local Redfin Premier agent Ben Ambroch. "Franklin is not fully developed yet, so new construction is attracting buyers to the area. Many people are purchasing new builds because they can't find a home for the right price closer to central Milwaukee. One of the defining characteristics of homes in Franklin is really big lots—a perk for buyers who are tired of living on top of their neighbors." 8. Prairie Village and Mission Hills, KS Zip code: 66208Parent metro area: Kansas City, MO Median sale price: $476,500 (-0.7% YoY)Median sale price of parent metro area: $325,000 (+6.6% YoY)Median days on market: 21 (-4 days YoY)Change in home sales: -19% YoYChange in median views per listing: +132% YoYShare of homes that sold above list price: 44% Prairie Village and Mission Hills are roughly 15 minutes south of downtown Kansas City on the Kansas side of the metro. The tree-lined neighborhoods include a wide range of home types, with some houses in Mission Hills going for over $10 million and others in Prairie Village going for $400,000. That's according to local Redfin Premier agent Jo Chavez, who said the most affordable homes are the hottest. "If you can get a home in this zip code in the $400,000s—it's a big deal," she said."A lot of buyers in Kansas City are looking for homes between $300,000 to $500,000, so if anything comes up in Prairie Village at that price point, there is a lot of competition for it." 9. Lakeville, MN Zip code: 55044Parent metro area: Minneapolis Median sale price: $495,000 (+2% YoY)Median sale price of parent metro area: $382,000 (+6% YoY)Median days on market: 43 (-19 days YoY)Change in home sales: -7% YoYChange in median views per listing: +116% YoYShare of homes that sold above list price: 24% Lakeville is popular because of sought-after schools, beautiful lakes and the easy commute—you can get to downtown Minneapolis in around 25 minutes. That's according to local Redfin Premier agent Kelly Yoon, who has lived in the community for over a decade. "Every year, there's the weeklong Panorama of Progress festival celebrating Lakeville's history, which brings thousands of people downtown for fireworks and a big parade," she said. "There aren't enough homes for sale here in Lakeville and that makes it really competitive—around 70% of sellers get multiple offers," said Emily Olson, another local Redfin Premier agent. "We had clients put in an offer $50,000 over asking recently, with a significant escalation clause, and they still lost out. Homes that are move-in ready get snapped up immediately." 10. Bowie, MD Zip code: 20716Parent metro area: Washington, D.C. Median sale price: $512,288 (+2.7% YoY)Median sale price of parent metro area: $558,990 (+4.5% YoY)Median days on market: 31 (-5 days YoY)Change in home sales: +31% YoYChange in median views per listing: +140% YoYShare of homes that sold above list price: 38% Bowie is ideal for commuters, with Washington, D.C and Annapolis, MD located within 30-40 minutes' drive in either direction along Highway 50. Local Redfin Premier agent Wemmy Collins said the area of Bowie covered by the 20716 zip code has a good mix of new development and homes that are a little bit older and more affordable. "Every time I get a home listing in Bowie, I know it's going to sell fast. And whenever I see multiple offers, it's usually in the Bowie area," she said. "This zip code may be the last area in Bowie where you can find good deals." To view the full report, including methodology and the three hottest zip codes in each of the top 100 metro areas, please visit: About Redfin Redfin ( is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin's subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®. For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@ To view Redfin's press center, click here. View source version on Contacts Contact RedfinRedfin Journalist Services:Ally Forsell, 206-588-6863press@ Sign in to access your portfolio
