The US housing market is showing signs of a significant shift. According to a recent report from real estate brokerage Redfin, the share of homes selling above their listing price has dropped to its lowest point since 2020. For the four weeks ending June 8th, only 28.5% of homes sold above asking, a considerable decrease from the 32% recorded a year prior.

Redfin highlights this 28.5% figure as the lowest seasonal level since the onset of the pandemic in 2020, a period that saw the housing market grind to a near standstill. This substantial drop provides strong evidence suggesting a move towards a buyer’s market across much of the nation.

The contrast with 2022 is stark. During the same period last year, the seller’s market was in full swing, with over half (53%) of homes selling above their listed price. This dramatic change illustrates the cooling effect currently impacting the real estate sector.