U.S. Home Listings Reach Record High as Sellers Re-Enter a Sluggish Market

A wave of new property listings has flooded the U.S. housing market this spring, pushing the total value of homes for sale to an all-time high of $698 billion, according to the latest data from Redfin. That figure marks a 20.3% increase compared to the same time last year, highlighting a sharp rise in inventory and a cooling buyer pool.

The report, based on monthly Redfin.com data dating back to 2012, calculates total inventory value by summing up the list prices of all active homes as of April 2025. While “home value” typically refers to market price or appraisal, in this case, it’s synonymous with the listing price.

More Homes, Fewer Buyers

Real estate agents across the country are reporting a clear shift in market dynamics. Matt Purdy, a Redfin Premier agent in Denver, summed up the trend:

“We’ve seen a surge in listings, but not enough buyers to match. Even committed house hunters are walking away from deals more frequently. Sellers are beginning to face reality and drop prices. It’s a rare window for buyers to negotiate.”

This imbalance is creating a softer market where listings are piling up, but many are sitting unsold.

Key highlights from Redfin’s report include:

• Total inventory rose 16.7% year-over-year in April, reaching its highest level in five years.
• New listings were up 8.6%, hitting a three-year peak.
• Homes are taking longer to sell, with the average listing spending 40 days on the market five days more than a year ago.
• A growing share of inventory 44% in April has lingered for over 60 days without going under contract.
• The median home sale price increased by just 1.4%, indicating that inventory growth is outpacing price gains.

Sellers Flood the Market Amid Economic Jitters

What’s behind this surge in listings? According to Redfin, homeowners are increasingly looking to cash out amid ongoing economic uncertainty, and the so-called “mortgage rate lock-in” effect is starting to ease. More owners are willing to sell, even if it means letting go of ultra-low rates secured in previous years.

Meanwhile, buyers are holding back deterred by elevated prices, rising costs of living, and market volatility. Redfin estimates that there are nearly 500,000 more active sellers than buyers in the market right now.

This marks a significant contrast to early 2022, when home supply was at record lows, buyers were highly motivated, and mortgage rates hovered around 3.1%. At that time, total active inventory dropped to just $309 billion less than half of today’s value. Back then, homes sold in just 24 days on average.

“The sky-high value of listings is a clear sign we’re in a buyer’s market,” said Chen Zhao, Redfin’s Head of Economics Research. “Inventory is the highest it’s been in years, and the value of those homes is also at a peak. We anticipate that prices will dip around 1% by year-end, which could finally bring some affordability relief as wages continue to rise.”

The Rise of “Stale” Inventory

One of the more telling stats in the report is the amount of stale inventory homes that have been on the market for 60 days or more. In April 2025, 44% of active listings fell into this category, up from 42.1% last year and the highest share for April since the start of the pandemic in 2020.

Altogether, stale listings are worth $331 billion, nearly half of the total market value. That segment alone has grown 20.5% in the past year, reflecting both increased supply and tempered buyer enthusiasm.

Bottom Line:

As sellers rush to list and buyers tread cautiously, the U.S. housing market is reaching a turning point. The record-high total value of homes for sale underscores a new reality: buyers now have more options and negotiating power than they’ve had in years. Whether this shift will finally cool prices or revive buyer demand remains to be seen but one thing is clear: the market is in transition. For more information about finance visit Nadlan Capital Group.