There are several overpriced houses round us. They generally fall into 1 of 3 categories.
Bought at top of the market: our area really flourished in the WFH era. Estate agents got very good at pushing the fact we have a Trainline and are "technically" commutable to London. Technically because yes there is a train, but the train timings mean that commuting to London entails a 14 hour day if you need to be at a desk before 10am and expected to be at work until after 4pm. Fine when people were largely WFH, or only going into the office for social contact, but since the 2 or 3 day in the office mandates have come it it's a ball ache. Add to the fact there is 0 childcare provision which starts before 7.45 and finishes post 5.30pm, plus an absolutely dire local jobs market and there are quite a few people who need to sell to be closer to their office.
Divorce: The proceeds of the property need to be split 2 ways for onward purchases. Sometimes both parties are expecting x amount each and will not go any lower. If the divorced couple are point scoring against one another or one spouse really does not want to sell then the house hangs around for months on end.
Probate: Sometimes it's delays with probate. In some cases like with the divorced couple's housing there could be several beneficiaries. Again there can be someone who absolutely will not agree to a lower price as they "need" x amount from the sale. Or in 1 case I know if "gran said I could live here for peppercorn rent amount", gran did not formally write this in a will, so beneficiaries want to sell but person living in the property is against and refuses all viewings.
Anything in reasonable condition and priced reasonably is gone within days, sometimes not even hitting Rightmove.
BIL has just sold his house, it went on the market last month, went on Rightmove on the Thursday, had 12 viewings over that weekend and was sold stc by the following Wednesday. It wasn't even on a full week.