The Nashville, TN metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes stands at $456,200, reflecting a slight decrease of 0.6% year-over-year (YoY). In contrast, the Median List Price has risen by 7.3% YoY, reaching $514,999. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions or local market dynamics.

Analyzing the Price Per Square Foot, the median price is $240.08, marking a modest increase of 1.6% YoY. Meanwhile, the Median List Price per square foot is $258.25, up by 3.2% YoY. These figures indicate a steady appreciation in property values, albeit at a slower pace compared to list prices, which may reflect sellers' optimism or strategic pricing to attract buyers.

The volume of Homes Sold in February 2025 is 2,084, which is a decline of 3.9% YoY. Pending Sales have also decreased significantly by 9.3% YoY, totaling 2,569. This downturn in sales activity could be attributed to various factors, including economic uncertainty or shifts in buyer preferences. New Listings have decreased by 3.2% YoY, with 3,158 properties entering the market, suggesting a cautious approach by sellers.

Inventory levels have increased by 10.7% YoY, reaching 9,041 homes. This rise in inventory, coupled with a 50% YoY increase in Months of Supply to 4.3 months, indicates a shift towards a more balanced market, potentially offering buyers more options and negotiating power. The Median Days on Market have extended by 12% YoY to 83 days, further highlighting the cooling pace of transactions.

The average sale to list ratio is 97.9%, slightly down by 0.4% YoY, suggesting that homes are selling closer to their list prices, albeit with minor concessions. The percentage of Homes Sold above list price has decreased by 0.9% YoY to 13.6%, indicating a reduction in competitive bidding scenarios. Price Drops have increased by 2.7% YoY to 22.3%, reflecting adjustments by sellers to align with market realities.

Lastly, the percentage of homes going off the market within two weeks has decreased by 4.7% YoY to 30.7%, suggesting a slower pace of transactions and potentially more deliberation by buyers. Overall, the Nashville housing market in February 2025 exhibits a mix of stabilizing and cooling trends, with increased inventory and extended market times pointing towards a more balanced environment for both buyers and sellers.