*I am not a lawyer. This is not legal advice.*
Generally, when a party defaults on a valid, binding contract, the other party can sue for "specific performance." In this case, you may be able to sue to force the buyer to purchase the home.
In reality, even if successful, it would probably cost you a significant sum of money and a lot of time. Meanwhile, you still haven't told your house.
The easier course is often to make a claim against the escrow deposit. If the buyer disputes your claim, then the escrow account holder (probably your title company?)will probably file an interpleader with the court for the purposes of determining who should get the money. At this point the escrow holder is removed from the equation and the courts have the final say. This may also take a while to do, if he disputes it.
As has been mentioned, carefully look over the contract and contact a local real estate attorney. The sooner you can resolve the issue, the sooner you can get your house back on the market.
Good luck!