The Southern city where sellers are being ‘ghosted’ by buyers at worrying rates - and it's a grim omen for the whole country
Spooky season is long gone, but the housing market is still seeing scary amounts of ghosting.
Indeed, buyers are locking in on homes… only to vanish after the property is already under contract.
This trend is being fueled by an unprecedented surge in available inventory - driven by cautious buyers, stubborn sellers holding firm on pricing, and a wave of overdevelopment that has outpaced demand.
The overall cancelation rate of 7.1 percent at the end of December is not dissimilar from a year earlier, according to Realtor.com data scientist Sabrina Speianu.
However, one Southern city has been hit especially hard by the terrifying trend.
Over one in every 10 deals are being backed out of in Atlanta, Georgia - the highest rate of any major metro.
Bruce Ailion, a real estate professional and attorney with Re/Max Town & Country, told Realtor.com that the sharp rise in housing inventory across the Atlanta area has played a role in buyers walking away from deals.
He said the standard purchase agreement includes a due diligence and inspection period, which gives buyers time to change their minds.
Spooky season is long gone, but the housing market is still seeing scary amounts of ghosting (pictured: a home in Atlanta)
Over one in every 10 deals are being backed out of in Atlanta, Georgia - the highest rate of any major metro (pictured: Atlanta suburbs)
'That allows for termination for any reason or no reason. When a buyer sees a better opportunity in the due diligence period they can move on,' says Ailion.
'With buyers having more options and many sellers reducing their price, a higher number of buyers are terminating an agreement when they find a more attractive purchase during their due diligence.'
Jake Krimmel, Realtor.com's senior economist, noted that, 'as inventory grows and the pace of sales slows that means the buyers in those markets have more homes to choose from and fewer other buyers to compete with.'
'Given those more favorable market conditions, it's no surprise that some buyers are pulling out of deals in those metros in particular,' he continued.
As of January, Atlanta’s median sale price was $375,650, down 1.1 percent from a year earlier, according to Redfin's data.
At the same time, home sales fell 9.5 percent compared to last January, and properties lingered on the market eight days longer than a year ago, bringing the median time to sell to 78 days - a clear sign that demand is cooling.
Atlanta’s median days on market now trails only some of the most vulnerable housing markets in the country, including former pandemic boomtowns such as Austin, Fort Lauderdale, and Dallas.
Those cities saw rapid price growth during the pandemic followed by notable slowdowns. Atlanta’s rising inventory and longer selling times suggest it could be on a similar downward trajectory if buyer demand continues to soften.
Atlanta’s median days on market now trails only some of the most vulnerable housing markets in the country
As of January, Atlanta’s median sale price was $375,650, down 1.1 percent from a year earlier
Jake Krimmel, Realtor.com's senior economist
Just slightly behind Atlanta in the rankings for most ghostings is Las Vegas, Nevada, with 10.1 percent of home sales being canceled.
Las Vegas's housing market is seeing problems across the board. The city is under fresh pressure as new figures show home prices slipping, fewer deals getting done and more properties sitting unsold.
The typical price for a house in January was $470,000 - down 3.1 percent from a year earlier, according to new data from Las Vegas Realtors.
Condos and townhomes also saw declines, with a median sale price of $283,750, down 3.2 percent from a year ago and far below the October 2024 peak of $315,000.
Fewer homes are being bought. Just 1,825 homes, condos and townhomes changed hands in January, an 8.4 percent drop compared with the same month last year.
At the same time, unsold homes are piling up.
Nearly 6,200 houses on the market had not had a single offer in January - up 19 percent from a year ago - while the number of condos and townhomes still looking for buyers jumped 25 percent to 2,377.
Las Vegas's housing market is seeing problems across the board
The city is under fresh pressure as new figures show home prices slipping, fewer deals getting done and more properties sitting unsold (pictured: a desert community in Las Vegas)
Next up is San Antonio, followed by Riverside, California, and Phoenix, Arizona - all with cancelation rates above 9 percent.
This trend matters for the whole US because these hot metros often act as early warning indicators.
When buyers in major markets begin walking away from contracts en masse, it reflects broader market dynamics: rising supply, slowing demand, and increased leverage for buyers.
If such conditions continue or spread, they could ripple outward, slowing sales, pressuring prices, and creating a more cautious market nationwide.
In short, the ghosting trend in Atlanta, Las Vegas, and other hard-hit cities isn’t just a local headache - it’s a red flag for homeowners, sellers, and the housing market across the country.
