I was having similar issues albeit with an owner drawn listbox. My solution was to use BufferedGraphics objects. Your mileage may vary with this solution if your list isn't owner drawn, but maybe it will give you some inspiration.
I found that TextRenderer had difficulties rendering to the correct location unless I suppled TextFormatFlags.PreserveGraphicsTranslateTransform. The alternative to this was to use P/Invoke to call BitBlt to directly copy pixels between the graphics contexts. I chose this as the lesser of two evils.
/// <summary>
/// This class is a double-buffered ListBox for owner drawing.
/// The double-buffering is accomplished by creating a custom,
/// off-screen buffer during painting.
/// </summary>
public sealed class DoubleBufferedListBox : ListBox
{
#region Method Overrides
/// <summary>
/// Override OnTemplateListDrawItem to supply an off-screen buffer to event
/// handlers.
/// </summary>
protected override void OnDrawItem(DrawItemEventArgs e)
{
BufferedGraphicsContext currentContext = BufferedGraphicsManager.Current;
Rectangle newBounds = new Rectangle(0, 0, e.Bounds.Width, e.Bounds.Height);
using (BufferedGraphics bufferedGraphics = currentContext.Allocate(e.Graphics, newBounds))
{
DrawItemEventArgs newArgs = new DrawItemEventArgs(
bufferedGraphics.Graphics, e.Font, newBounds, e.Index, e.State, e.ForeColor, e.BackColor);
// Supply the real OnTemplateListDrawItem with the off-screen graphics context
base.OnDrawItem(newArgs);
// Wrapper around BitBlt
GDI.CopyGraphics(e.Graphics, e.Bounds, bufferedGraphics.Graphics, new Point(0, 0));
}
}
#endregion
}