$331B in Active Listings Are Stale

If it feels like every listing in your MLS is just… sitting there, it’s not your imagination. 

According to a new report from Redfin, U.S. home sellers are sitting on a record-setting $698 billion worth of active listings. And nearly half of that is tied up in homes that have been on the market for 60 days or more.

So yes, there are more listings. But there’s still a catch.

Let’s break down the data, what it means for your clients, and how agents can use this moment to their advantage.

Inventory Is Piling Up

Redfin’s report is based on listing data through April 2025, and the headline is hard to ignore:

“U.S. Home Sellers Are Sitting on Nearly $700 Billion Worth of Listings, an All-Time High”

Here’s what’s driving that number:

• Total active inventory is up 20.3% year-over-year, reaching $698 billion.
• New listings rose 8.6% YoY, hitting a 3-year high.
• Homes are taking longer to sell: 40 days on average, up from 35 days a year ago.
• The share of listings on the market for 60+ days reached 44%—the highest April level since 2020.
• The total value of that stale inventory: $331 billion—nearly half of all listings.

This isn’t just about prices creeping up. The number of listings is what’s inflating the market’s total value. That’s a key shift from pandemic-era conditions, when tight supply drove prices through the roof and homes were flying off the market in under a month.

It’s a Buyer’s Market… Kinda

With nearly 500,000 more sellers than buyers, the scales have tipped. But that doesn’t mean buyers are ready to pounce.

Chen Zhao, Redfin’s Head of Economics Research, sums it up:

“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.”

That should be good news. But buyers are still nervous. 

Why?

• Mortgage rates are hovering just under 7%.
• Monthly housing payments remain near record highs.
• Redfin agents report an uptick in canceled contracts and buyers backing out, even when prices drop.

One Denver-based Premier agent told Redfin that even serious buyers are walking away unless they have to buy. And those who stay in the game are negotiating hard.

What This Means for Agents: Key Takeaways

This market isn’t just about more listings; it’s about how agents respond to the gap between high inventory and cautious buyer behavior. With nearly $700 billion in active listings and almost half of them sitting 60+ days, the opportunity is there. But strategy is everything.

Here’s how agents can turn the current market into an advantage:

#1: Educate your sellers.

Use the 44% stale inventory stat to show what happens when homes are overpriced or under-marketed. Let them know that serious buyers are out there, but only for homes priced right.

#2: Coach your buyers to negotiate.

With this much inventory, and with sellers increasingly open to negotiation, buyers have more power than they’ve had in years. Help them use that power wisely, especially when properties have been sitting for weeks.

#3: Set clear expectations for both sides.

Sellers may still be chasing 2022 prices. Buyers may expect fire-sale deals. You’ll need to reframe both mindsets with current data, including:

• Inventory up 20.3% YoY
• Homes taking 40 days to go under contract
• Sale prices expected to dip 1% by year’s end

#4: Follow up on stale listings.

Older listings might not mean bad homes. Could be unfortunate timing or pricing that goes a tick or two above what the market will allow. 

Circle back with your buyers when sellers reduce price or motivation shifts.

#5: Leverage your local market knowledge.

While national trends matter, real opportunity lies in knowing what’s happening in your backyard. Position yourself as the agent who understands the gap and how to close it.

This is not something you do on the fly. Agents who say they don’t have time to freshen up their market knowledge and practice their scripts are losing deals to those who make time for both.

Like any habit worth cultivating, roleplaying practice takes time and energy when you’re starting out but saves you more of both in the long run, while making you better able to handle objections when they come up in your conversations with buyers and homeowners. 

And you want those to come up, by the way. Objections are opportunities to stand out among the legions of agents who don’t bother preparing themselves or don’t think they have the time. 

BAMx members get a chance to join live roleplaying practice with the Knowledge Brokers powerhouse trio (Byron Lazine, Lisa Chinatti, and Tom Toole) every Tuesday morning at 9 am Eastern. Want to build a competitive advantage with objections? This is where you start. 

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