Want a Philly home that's not for sale? There's a site for that
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Lindsey Bailey/Axios
Your dream house may not be for sale — but you can still make an offer.
Why it matters: With inventory limited and homeowners staying put longer than ever, Philadelphia buyers are running out of options. Unlisted offers a way to pursue homes that aren't on the market.
- The platform also appeals to homeowners wanting to gauge interest in their house without ever having to put it up for sale.
How it works: Unlisted — founded last year by Ohioan Katie Hill — pulls from public property records nationwide and lets buyers join waitlists for homes that aren't for sale, then notifies homeowners that someone wants to buy their house.
- Homeowners can claim the property profile, update photos and details, and start talking directly to potential buyers.
- AI-generated summaries give a rundown of the home's history and analyze trends to help determine what a home could fetch on the current market.
Zoom in: Philly home prices were up 3.5% year over year in May, with the median home selling for about $290,000, per Redfin.
- Nearly 27% of homes sold over their asking price, a 1.5-point increase from the same time last year, Redfin says.
- Fewer homes sold last month than at the same time last year, and homes are sitting slightly longer on the market.
- While housing inventory is up from last year, it's still historically constrained — about 42% below 2019 levels, per Homes.com.
By the numbers: It's unclear how many Philadelphians have already turned to the site, as Unlisted couldn't immediately provide market-specific data.
- About 37,000 properties nationwide have been waitlisted on the site since last June, Hill told Axios Richmond's Sabrina Moreno.
What they're saying: Unlisted is essentially an "electronic love letter" — a digital version of the personalized notes real estate agents and buyers have used to persuade homeowners to sell, Kevin Gillen, a Drexel University economist and real estate finance expert, tells Axios.
- The platform may help "improve the matching" between buyers and sellers in one-off transactions, but it's unlikely to "move the market in any meaningful way," Gillen says.
Reality check: These are not private listings — which Hill says sometimes confuses real estate agents who "really think that I'm trying to do something private that doesn't involve them."
The bottom line: Think of the housing market like a nightclub with a long line outside, Gillen says.
- Unlisted may help buyers move closer to the front. But when a homeowner is ready to sell, they'll want "the doors to be open to everyone" to get the best price.