NASHVILLE, Tenn. (WKRN) -- If you are shopping for a home in Nashville, the market is finally shifting your way.
New data shows price cuts are the deepest they have been in years. In fact, properties in Music City are seeing more price cuts than the national average.
"Things have stagnated for long enough that you are actually starting to see some real price reductions," said Jeff Checko, relocation director with RE/MAX Advantage.
A new Zillow report shows that the typical U.S. listing saw $25,000 in price cuts last month.
In Nashville, that number is even higher, with a median cumulative reduction of about $28,500.
The median price cut per listing was $10,099. Checko told News 2 those numbers come as no surprise.
"The idea of being reduced from 25 to $30,000 is really only a 5% reduction," Checko explained. "It makes sense, right? You have to have something to get buyers to say, 'Hey, this is the value for me.'"
Checko described how Nashville's price cuts are tied to growth and a lot of new homes hitting the market.
"So when things change economically, you have the opportunity to have more excess inventory when there is so much more new construction," he said. "So the percentage of things being reduced is really a reflection of the amount of activity that we have in our market. So it is only natural that there is going to be a correlation."
For buyers, this market means leverage. For sellers, it means competition.
"Buyers that are getting out there right now and making demands about this is what I expect from this purchase are having a lot of success with sellers that really need to move product," Checko said. "So getting that out there and moving product is really wise. As far as sellers, either wait it out until you know you are going to have success in a short period of time, or do what it takes to get the job done."
Looking ahead, Checko expects rates to continue dropping into 2026.
"We are going to have a change in leadership at the Federal Reserve," he explained. "Which, if the President and the administration have their say, it will be someone who is friendly to the idea of getting rates down. As for short-term rates and, of course, mortgage rates, while not directly tied to the short-term rates, they do follow suit at a certain rate, and we do expect those to come down as well."