Nashville, TN
Monthly housing intelligence, market trends, and trusted local expertise.
Updated: April 2026
Nashville-Davidson—Murfreesboro—Franklin, TN is currently experiencing a cooling trend in its housing market, with a pending ratio of 0.49 and a significant year-over-year increase in active listings of 15.7%. This indicates a shift towards a more balanced market favoring neither aggressive demand nor constrained supply.
The Nashville market is exhibiting a cooling trend characterized by a substantial inventory growth. Active listings increased by 15.7% year-over-year, reaching 10,523 units, while new listings also saw a 7.3% year-over-year rise. The pending ratio declined by 7.4% year-over-year, settling at 0.49, suggesting a deceleration in demand relative to supply. Median listing prices experienced a modest 1.9% month-over-month increase but registered a 1.9% decrease year-over-year, alongside a 1.2% year-over-year decline in median price per square foot.
Music City demand keeps pressing prices upward despite higher rates.
Market Signals & Indicators
The expansion of active listings suggests a market with increasing options and reduced immediate pressure for purchasers. The declining pending ratio implies that inventory is taking longer to absorb, affording buyers more latitude in negotiations and potentially leading to more deliberate transaction timelines. Sustained upward movement in inventory could further support price discipline.
The average listing price increased by 2.5% year-over-year, contrasting with a 1.9% decline in the median listing price. This divergence, alongside a 1.2% year-over-year decrease in median price per square foot, implies some softening at higher price points, although no distinct luxury-segment signal is clearly visible across all metrics.
10,523 active listings represent the current floor, with new supply arriving at roughly 4,982 per month.
of active listings carry a price reduction, -0.1% from prior period.
Median price per square foot has moved -1.2% year-over-year.
Pending-to-active ratio — Cooling.