More than a quarter of Nashville home listings see price drops

More than 1 in 4 houses for sale in the Nashville area saw price cuts recently, according to Redfin data.

Why it matters: Home sellers across the country are increasingly offering discounts to entice buyers hampered by high housing costs .

Flashback: Price cuts surged nationwide in 2022 , partly because rising mortgage rates caused home shoppers to back out of the market.

What they're saying: "A housing market that for years has been defined by fast sales and few options is starting to look more like it did before the pandemic in terms of competition among buyers and their negotiating power," Zillow chief economist Skylar Olsen says .

What's next: Many real estate agents expect competition to heat up once summer vacation ends and kids are back in school.