Are home prices going up or down in Nashville?

Home prices in Nashville are holding steady for now. The median listing price is $539,945, which hasn't changed from the prior month. However, prices are slightly lower compared to a year ago. Looking back over the past year, the median listing price has dropped by 1.6%. The average listing price, though, has actually gone up by 2.2% during that same time. Also, the median price per square foot is down by 0.9% compared to a year ago. More homes are on the market right now, with active listings up 10.9% over the past year. This gives buyers more choices. Even with more homes available, the number of new homes coming on the market has only increased by 1.0% in the last year. Homes are also staying on the market a little longer, with the median days on market at 53 days, up 2.9% from last year. This means sellers might need to be a bit more patient. Close to half of all homes for sale, 21.4%, have had a price reduction. If you're thinking of buying, these trends suggest a stable but slightly more favorable market for you compared to last year, with more options and stable pricing.

Home prices in Nashville are holding steady for now. The median listing price is $539,945, which hasn't changed from the prior month. Prices are slightly down compared to last year. Meanwhile, there are more homes for sale, which gives buyers more options. Looking back over the past year, the median listing price is down 1.6%. A different way to look at prices, the median price per square foot, also decreased by 0.9% over the past year to $260. There are 11,823 homes currently for sale, which is 10.9% more than there were last year. People are taking a bit longer to find a buyer, with homes now sitting on the market for 53 days on average, up 2.9% from last year. Fewer homes are going under contract compared to the total number of homes for sale. The pending ratio is 0.44, which is down 3.3% from last year. Also, about 21.4% of homes have had a price reduction, meaning almost one in four sellers have lowered their asking price. If you're hoping to buy a home, these trends suggest you have a bit more selection and may find sellers more open to negotiations, making it a good time to explore your options.