Phoenix - AZ vs Nashville - TN: 2026 Housing Comparison

What this means for buyers

Nashville - TN is roughly 2% more expensive than Phoenix - AZ in typical home value.

Phoenix vs Nashville: what the numbers say

At today's 7.40% average 30-year rate with 20% down, the typical home would cost about $2,443 a month in principal and interest in Phoenix and $2,486 in Nashville, a gap of $43 a month.

Typical rent runs $1,720 in Phoenix and $1,803 in Nashville, so the mortgage payment alone is 1.4 times rent in Phoenix and 1.4 times rent in Nashville, before taxes and insurance.

Home prices are 21.4 years of rent in Phoenix and 20.7 in Nashville; the lower ratio in Nashville means buying there is cheaper relative to renting.

Over the last 23 months typical values moved -4.5% in Phoenix and -0.7% in Nashville; over just the last three months the change was -0.4% in Phoenix and -0.0% in Nashville.

Homes sell for 97.9% of list price in Phoenix and 97.8% in Nashville, after 38 and 39 days on the market, with price cuts on 32% and 34% of listings. All three signs point the same way: buyers have more room to negotiate in Nashville.

The number of homes for sale is up 2% on a year ago in Phoenix and up 10% on a year ago in Nashville.

Payments assume a 30-year fixed loan at the Freddie Mac weekly average rate (2026-10-15), 20% down, principal and interest only. Home values, rents and market figures are Zillow Research metro data.