The Reverie Review
Q1 2025 | Market Report
First Quarter 2025 Review
PRESENTED BY
DISCLAIMER: SOURCE: REALTRACS BASED ON DATA SUPPLIED BY THE GREATER NASHVILLE ASSOCIATION OF REALTORS MULTIPLE LISTING SERVICE. THE INFORMATION, DATA, AND FIGURES CONTAINED HEREIN ARE PROVIDED FOR GENERAL INFORMATIONAL PURPOSES ONLY. WHILE EVERY EFFORT HAS BEEN MADE TO ENSURE THE ACCURACY, COMPLETENESS, AND RELIABILITY OF THE INFORMATION, CORCORAN REVERIE MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, REGARDING THE ACCURACY, ADEQUACY, VALIDITY, RELIABILITY, AVAILABILITY, OR COMPLETENESS OF ANY INFORMATION PROVIDED.
Nashville, TN
A city of dreamers and storytellers
Now more than ever, Nashville is on the radar. Named one of the “Best Places to Travel” by Travel + Leisure, one of the “Top Places to Go” by The New York Times and one of the “Destinations You Don’t Want to Miss Out On” by Conde Nast Traveler, Nashville offers everything from an electrifying multigenre music scene, award-winning cuisine, historic homes, world-class art, a myriad of attractions, unique shopping, college and professional sports, and more.
A city with a backbeat and a twang that never forgets its roots. As the “Country Music Capital of the World,” Nashville is world-renowned for its music and honky-tonks. Although music influences virtually every aspect of modern life in the cosmopolitan city, Nashville has a diverse and storied history.
Nashville is widely known as Music City–and for good reason. But music’s not the only thing that makes the city famous. Whether you’re a foodie, a history buff, or simply looking for a fun vacation destination, Nashville offers exciting and unique experiences for all ages and interests. If you appreciate art, Nashville’s got something for you, too. Whether it’s a walking tour of the city’s many murals or a day spent at a world-renowned museum, there’s plenty of beauty to take in around Music City. Nashville’s got sports fans covered, too. Whether you’re a fan of football, hockey, racing, or baseball, there’s a team for you to root for in Music City.
Transactions
Historical & Present Trends
NASHVILLE, TN | 2022-2025
• Closed Sales Decline Both Annually and Quarterly - A total of 1,092 closings were recorded in the first quarter of 2025, marking a 7.3% year-over-year decrease and a more pronounced 15% drop from the fourth quarter of 2024. This slowdown suggests the market is cooling from the elevated pace seen at the end of last year, with fewer transactions likely driven by seasonal factors and evolving buyer expectations.
• Contracts Signed Reflect Stability with Strong Quarterly Growth - Despite broader fluctuations, 1,447 contracts were signed in the first quarter of 2025, showing 0.5% annual growth and a significant 34.1% increase from the previous quarter. The data points to healthy buyer demand re-emerging early in the year, likely supported by stabilized interest rates and increased inventory entering the market.
• Days on Market Remain Flat Year-Over-Year, Rise from Last Quarter - The average days on market (DOM) held steady at 36 days, matching first quarter of 2024, but up 16.1% from the fourth quarter of 2024. The quarterly increase suggests buyers are moving a bit more cautiously than at year-end, taking more time to evaluate listings, especially in the higher price brackets.
• Market Balance Signals Underlying Resilience - While closed sales dipped, the consistency in contract activity and moderate DOM trends indicate that Nashville’s luxury housing market remains fundamentally strong. Buyers appear more deliberate, but demand remains intact—pointing to a stable and resilient environment despite broader market headwinds.
Prices
• Median Price Holds Steady with Modest Growth - The median sale price reached $584,283, reflecting a 2.5% increase year-over-year and a near-flat 0.2% dip from the last quarter of 2024. This mild movement suggests that Nashville’s market is weathering broader pressures well, with pricing staying resilient despite elevated borrowing costs.
• Average Sale Price Nudges Upward - The average sale price climbed to $826,128, marking a 0.5% increase from the first quarter of 2024 and a 1.1% gain from the fourth quarter of 2024. The quarterly growth, while modest, points to ongoing buyer demand and a steady flow of transactions in the upper-tier segments.
• List Prices Adjust Without Disruption - The average list price came in at $1.02M, down 5.9% year-over-year and 2.1% from the prior quarter. While sellers are responding to buyer expectations with more realistic pricing, the shift has been measured, maintaining stability across the broader market.
• Luxury Segment Remains a Market Anchor - Despite small shifts in average pricing, activity in the $3M+ category remains stable, underscoring the strength of Nashville’s luxury niche. Continued interest at the high end reflects long-term confidence in the city’s lifestyle appeal and investment potential.
Median and Average Price
Days on Market
BY PRICE RANGE
$500K
$500K TO $750K
$750K TO $1.5M
$1.5M TO $3M
$3M+
$500K
$500K TO $750K
$750K TO $1.5M
$1.5M TO $3M
$3M+
In the first quarter of 2025, days on market across most price segments in Nashville saw mixed movement, underscoring buyer hesitancy in certain brackets and improved activity in others. The $3M+ luxury segment experienced the sharpest increase, with DOM rising 67% year-over-year to 65 days, indicating that high-end buyers are taking more time to engage. Meanwhile, the $1.5M–$3M range also saw a notable slowdown, with days on market decreasing 26% year-over-year to 45 days, suggesting improved velocity in this mid-luxury tier. In contrast, the $750K–$1.5M segment showed improved efficiency, with DOM falling by 12% to 36 days, pointing to consistent demand in this competitive price band. Lower and mid-price ranges under $750K experienced slight year-over-year increases in DOM, rising by 6% to 7%, reflecting a marginal extension in buyer timelines, likely tied to affordability constraints and elevated interest rates. Overall, the data indicates a more deliberate pace across the upper end of the market, while mid-tier homes continue to move efficiently. As buyers weigh pricing, interest rates, and inventory quality, DOM trends suggest a market still active but marked by careful decision-making.
Market Share
BY PRICE RANGE
UNDER $500K $500K-$750K $1.5M-$3M $3M+
Nashville’s market share continues to reflect a gradual shift toward higher price points, driven by steady home appreciation and limited availability in the most affordable tiers. Homes priced under $500K accounted for just 38% of all closed sales, down from 46% in the first quarter of 2022 and well below the 56% share recorded in the third quarter of 2021. This ongoing reduction signals how pricing trends have naturally moved more transactions into higher brackets over time. Meanwhile, mid-tier price segments have grown in presence, with the $500K–$750K range holding at 28%, and the $750K–$1.5M bracket rising to 23%, up notably from 17% two years prior. This expansion reflects the continued strength of the move-up market, supported by demand from relocating professionals, wealthbuilding homeowners, and a resilient local economy. At the top of the market, the $3M+ segment held steady at 3%, a small but meaningful portion that has doubled since 2022, highlighting Nashville’s growing appeal among luxury buyers. Altogether, this evolving distribution points to a healthy, maturing market—one where price growth is steadily reshaping the landscape, and buyers are increasingly focused on long-term value across a wider range of price points.
• Active Listings Show Strong Year-Over-Year Growth Despite Quarterly Decline - Active inventory in Nashville rose 19% year-over-year to 4,798 listings in the first quarter of 2025. While this marks notable annual growth, a 10% decline from the fourth quarter of 2024 suggests a seasonal cooldown in seller activity following a busy end to the year.
• Luxury Segment Continues to Gain Traction - Listings in the $3M+ segment climbed 1% yearover-year to 83 active homes, reflecting steady momentum in Nashville’s ultra-luxury market. Despite broader market shifts, this tier remains resilient as pricing holds firm.
• Mid-Tier Market Sees Healthy Expansion - Both the $750K–$1.5M and $500K–$750K ranges recorded double-digit inventory gains, increasing by 15% and 13% respectively. These increases highlight continued seller participation and balanced buyer activity across Nashville’s most active price segments.
• Entry-Level Segment Expands Supply - The under $500K category saw the largest growth in active listings, rising 41% year-over-year. This surge may be tied to greater inventory turnover and increased availability in more affordable price points, offering opportunities for buyers navigating a high-rate environment.
Downtown Nashville The Gulch
City of Franklin
Westhaven SINGLE
Brentwood East Nashville
Green Hills
Nolensville
NEWLY RELEASED
Introducing EDITION Residences Nashville - Offering Nashville’s Most Elevated Lifestyle - Sales Launching Spring 2025.
The Residences at The Nashville EDITION comprise a curated collection of unique homes and restorative amenities, providing world-class resort living in The Gulch, a vibrant destination neighborhood within easy reach of the best of Nashville. Corcoran Sunshine is proud to be the exclusive marketing partner, with Corcoran Reverie of The Corcoran Group leading sales.
800+ #85 $1.063M $799M #40 TOP 425
CLIENTS SERVED STATE SIDES RANK AVERAGE TRANSACTION PRICE 2023 SALES VOLUME STATE VOLUME
Corcoran Reverie Enhances Nashville’s Luxury Landscape With Celebratory Events Honoring Women Leaders in Real Estate
In early March 2025, industry leaders gathered for two landmark events: the Foundations of Influence PanelWomen Driving Real Estate Forward and Inman on Tour Nashville,focused on empowerment and innovation in luxury real estate while showcasing the importance of women in leadership roles. NEWS WIRE
(noun) a state of being pleasantly lost in one’s thoughts; a daydream
like buying the home of your dreams in the place that you love!