Are Home Prices Rising or Falling in Manchester, TN?
Manchester, a city near Nashville, TN, is a rapidly appreciating housing market. Here's a look at what's behind the numbers and what it means for you.
The National Picture
Across the United States, home prices rose a modest 2% year over year, with the median reaching about $399,000 in the three months ending August 2026. Affordability has improved nationally: the typical household earns roughly $88,000 and now devotes about 34% of income to housing, down from 36% a year ago. About 20% of listings carry a price cut, homes spend a median of 50 days on the market, and there are roughly four months of supply.
Home Prices in the Nashville Area
Across the Nashville metro, the median sale price is about $480,000, essentially flat from a year ago. The typical metro-area household earns around $96,000 and spends about 36% of that on housing, down about 1.5 percentage points from last year. With 5.4 months of supply and homes sitting a median of 64 days, the Nashville market is more balanced than it was a year ago.
Sharp Price Gains Fueled by Shrinking Inventory
The median sale price in Manchester jumped 12% from a year ago to about $330K. Despite that sharp gain, Manchester remains one of the most affordable options in the Nashville metro, priced well below the metro median of $480,000. Only about 24% of listings have had a price cut, and the typical sale closed at about 98% of list price. About 25% of homes sold above asking, the highest share among these nearby cities. Compared to Portland, where prices rose 3%, Manchester's pace of growth is considerably faster.
Why Are Prices Rising in Manchester?
Shrinking inventory is the main driver of Manchester's price surge. Active listings fell about 8%, and new listings dipped 4%, reducing options for buyers. Pending sales dropped 42%, which may reflect fewer homes available to buy rather than a lack of interest, since those that do sell are fetching higher prices. At 4.8 months of supply, Manchester is not especially tight, but the combination of falling inventory and steady buyer willingness to pay above asking has pushed prices sharply higher.
| Location | Median Price | Price YoY | Price Drops | Months of Supply |
|---|---|---|---|---|
| Manchester ★ | $329,993 | +11.9% | 23.7% | 4.8 |
| Portland | $329,772 | +3.1% | 29.7% | 4.9 |
| La Vergne | $378,549 | +2.3% | 33.4% | 4.6 |
| Columbia | $368,006 | -1.1% | 40.1% | 4.7 |
| Gallatin | $447,154 | +5.2% | 35.2% | 4.8 |
| Murfreesboro | $429,716 | -1.2% | 33.2% | 4.0 |
Limited to neighborhoods with at least 10 home sales in the period.
All data comes from Redfin and represents a three-month rolling average ending August 2026. This article has been generated, in whole or in part, using generative artificial intelligence (AI) technology, with input from Redfin head of economics research Chen Zhao. While efforts have been made to ensure the accuracy and reliability of this information, you should independently verify all data, facts, and citations contained in this article before relying on it for any purpose. This information is not a substitute for advice from a real estate agent, financial advisor, or other licensed professional. Check the Redfin Data Center for additional in-depth housing market data.
