Home Values in Nashville: Your Complete 2024 Guide
Wondering what your Nashville home might be worth in today’s dynamic real estate market? Whether you’re getting ready to sell, looking to drop PMI, or just curious about current home values, knowing the value of your biggest asset can help guide your next steps.
In this article, we’ll cover recent home price trends in Music City, show you how to get an reliable home value estimate, and outline easy-to-follow strategies for increasing your home’s value. Plus, we’ll share resources to help you connect with top agents in Nashville and maximize your sale price when you are ready to sell.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Nashville
Over the last four years, the median sale price in the Nashville metro area has almost doubled, with a 47.3% increase. According to data from Greater Nashville Realtors, in July of 2020 the typical home sold for $343,968, compared to $506,750 in July of 2024.
“Notably, sales prices have risen by 6% year over year, which is a positive indicator of a healthy real estate market,” said Kevin Wilson, President of Greater Nashville Realtors, in a recent press release. “This suggests that demand for properties remains robust, buyers are willing to pay higher prices, and overall market confidence is high.”
The table below illustrates just how much home prices in the Nashville region have grown since 2020:
Year
Median home price
Percent change year-over-year
2024 (July)
$506,750
+5.8%
2023
$478,945
-2.3%
2022
$490,000
+18.1%
2021
$415,075
+22.3%
2020
$343,968
+8.9%
Source: Greater Nashville Realtors
This price-increse phenomenon isn’t limited to the Music City; it’s been occurring on a national scale ever since the pandemic. The S&P CoreLogic Case-Shiller National Home Price Index reveals that home prices have jumped 47% across the U.S. since the beginning of 2020.
This surge has allowed homeowners to accumulate a significant amount of equity in their properties. As of early 2024, the average mortgage-holding homeowner possesses $299,000 in equity, according to ICE’s Mortgage Monitor report. Homeowners can now leverage this newfound equity for various financial motives, such as purchasing a new property, funding home improvements, or paying off debts.
For comparison, the table below shows median home prices in cities surrounding Nashville:
City
Median home price
Distance from Nashville
Goodlettsville
$369,000
20-40 min (14.4 miles)
Lebanon
$437,000
33-52 min (31.4 miles)
Mount Juliet
$544,000
23-38 min (19.6 miles)
Murfreesboro
$408,900
36-54 min (34.1 miles)
Smyrna
$401,700
28-44 min (24.5 miles)
Hendersonville
$500,100
22-32 min (18.0 miles)
Gallatin
$439,700
33-51 min (29.9 miles)
Nolensville
$787,300
28-41 min (21.6 miles)
Brentwood
$1,383,300
14-24 min (10.4 miles)
Franklin
$840,800
24-38 min (21.5 miles)
In the next section, we’ll walk you through various tools for how to accurately estimate your Nashville home’s worth.
