Just 28% of homes nationwide have been selling for more than the listing price lately, according to new data from Redfin. That’s the smallest percentage for a spring housing season since 2020.

In early 2022, more than half of homes went over asking.

This shift has been visible in and around Miami, where the housing market is very different than it was a few years ago.

Joanna Jimenez leads a team at Compass, which works with buyers and sellers there, and she said, of the homes they’ve sold this year, “a little less than 10% sold above asking and another a little over 10% sold at asking price.”

That means about 80% are going below asking. A couple of years ago, Jimenez said that more than half were going over asking price.

But fewer people are looking to buy in Miami these days. “We have a lot more inventory that we didn't have two years ago. So, there's more options, those prices start to come down,” she said.

There’s still plenty of competition in certain neighborhoods, Jimenez said. That’s true nationally, too. As is always the case with housing markets, it depends on where you are.

It also depends on what kind of home you’re looking at, per Redfin’s chief economist Daryl Fairweather.

“Single-family homes that are on the smaller side, priced closer to the median local price, those are still selling with multiple offers — and for above asking price,” she said.

That’s because a lot of first-time buyers want starter homes, and there’s just not that many of them.

Overall, the market is better for buyers now than it was a few years ago. Another reason for that? Investors are snapping up fewer properties, said Ali Wolf, chief economist at Zonda and NewHomeSource.

“Investors fueled a lot of the housing demand over the past few years because one, interest rates were low — they basically could buy a home with free money — and two, it was almost guaranteed that home prices were going to go up,” she said.

Now, that’s not the case. Joanna Jimenez at Compass is seeing that in Miami, which has always attracted a lot of investors.

“The majority of all our buyers right now are people that are going to live in the home,” she said.

Plenty of people who would like to buy are still priced out or freaked out by all the uncertainty in the economy.

But, for people who are ready, it can be a good time. “Because two, three years ago, when you were competing with a lot of cash offers or you're competing with many offers, you couldn't really get what you wanted,” Jimenez said.

Now, it’s more likely that you can, she added.