Nationwide Home Listings Hit a Record of Nearly $700 Billion

With homebuying demand growing weaker, the total value of home listings has grown by more than 20% year-over-year.
June 2, 2025
2 min read
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A home with a 'For Sale' sign in the front yard
As buyers pull back, home listings are piling up.

Weakened homebuying demand and growing inventory are driving up the total dollar amount of home property listings. A recent analysis from real estate marketing platform Redfin shows that there the total number of home listings nationwide is valued at $698 billion. That valuation is up by 20.3% from one year ago and is the highest dollar amount ever recorded. Of that total, more than $330 billion in listings have been sitting on the market for 60 days or longer.

Falling demand and rising home prices cause listings to soar

Demand for homes is dropping, while the number of sellers is rising. New home listings jumped by 8.6% in April, reaching their highest level in three years. According to Redfin, there are about 500,000 more sellers than buyers right now. This imbalance, combined with still-rising home prices, has led to a larger amount of unsold inventory. In April, the median home price in the U.S. rose by 1.4% compared with the same time last year.

The record-high dollar value of all homes listed for sale is one way to quantify this buyer’s market. 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.

- Chen Zhao, Redfin’s head of economics research

Homebuyers have been pulling back over the last several months

  • Use of Concessions Grows as Buyer Demand Weakens: To battle softened demand from buyers, builders increasingly turned to concessions in Q1 2025. During this time, buyers received concessions in 44.4% of home-sale transactions. 
  • Stale Home Listings Grow: Weak demand has been causing homes to sit on the market for longer. In December 2024, half of all active listings sat on the market for 70 days or longer, compared with 61 days the year prior. 
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