Murfreesboro Real Estate Report: Are Murfreesboro Home Prices Falling?

Welcome back to The Murfreesboro Real Estate Report. This week we’re digging into a big question on a lot of people’s minds:

Are home prices starting to fall in Murfreesboro?

The newest FHFA pricing report is out, and for the first time in a while, the Nashville–Murfreesboro–Franklin metro is showing slightly negative year-over-year appreciation. Prices have flattened out—and in some cases—dipped.

Let’s look at what’s happening nationally, statewide, and here in Rutherford County.

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What the FHFA Report Shows

• The Nashville–Murfreesboro–Franklin MSA is down 0.2% year-over-year.
• Q3 alone shows a 0.8% decline.
• Many Northeast cities are leading the country in appreciation.
• Parts of Florida and Texas are showing deeper declines.

This confirms the trend we’ve been watching: pricing is normalizing after several years of fast growth.

Rutherford County Weekly Market Snapshot

• 1,439 active listings
• 56 new listings
• 84 pendings
• 54 closings
• 55 delisted
• 1,236 closings in the last 90 days
• 5.84% of active homes went under contract this week
• 3.49 months of supply (up from 3.37)

We’ve been balancing between 3.3 and 3.5 months of supply. Today’s buyer activity levels make anything above 3 months start to feel like a buyer-leaning market.

Price Per Square Foot Is Slipping

The average PPSF peaked around $215 in May. As of November, it has dropped to $208, a $7 per sq ft decline in six months.

The curve continues to trend downward.

Why Sellers Are Becoming More Motivated

• 76% of listings in our MSA are “stale” (60+ days)
• 42% of Rutherford County listings have price cuts
• 38% of Murfreesboro city listings have price cuts

Sellers holding out for spring 2023 prices are falling behind the market quickly.

What Sellers Should Do Right Now

• Price just under the current market to get ahead
• Avoid becoming stale — buyers can spot a home that’s been sitting
• Protect your equity by pricing right the first time

Chasing the market down almost always leads to selling for less. We saw it in 2007–2008, and the early signs are here again.

What Buyers Should Know

Buyers now have more leverage than they’ve had in years:

• Many sellers are covering closing costs
• Rate buydowns are common
• Inspection and repair flexibility is back

Rates are hovering near the low 6s, and many loan types now offer rates in the 5% range.

If you’re renting and planning to stay in a home for several years, this could be a strong entry point.

Helpful Resources

• Seller Guide – How to navigate today’s market
• Buyer Guide – What to know before you buy

Have Questions?

I’m John Turner, team lead of the Turner Victory Team at Onward Real Estate. Tracy and I personally respond to every question.

Call or text: 615-586-0900

We’re here to help you move confidently.