Why some Philly metro sellers are delisting their homes
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Some Philly metro homes are disappearing off the market.
The big picture: More sellers nationwide are pulling their homes off the market after struggling to find buyers willing to meet their asking prices.
By the numbers: The Philly metro had about 10 delisted homes for every 100 newly listed in May — below the national average of 13.6, per Realtor.com.
- Delistings jumped 47% nationwide from a year earlier.
Zoom in: Homebuyers are gaining bargaining power as inventory rises, including in the Northeast, which saw a nearly 18% rise in June. But many sellers still expect peak-era prices and are reluctant to come down.
- Around 1 in 5 listings saw price cuts in June, a record high for the month, per Realtor.com data going back to at least 2016.
Zoom in: Philly's median listing price was around $289,000 in July, mostly on par with the same time last year, per Realtor.com.
- Meanwhile, inventory was up almost 12% in July from the same period in 2024.
The bottom line: "Today's homeowners benefit from record-high levels of home equity, so they have the flexibility to wait it out," Realtor.com senior economist Jake Krimmel said in the report.