The dynamical and thermodynamic phase stabilities of the stoichiometric compound CrN including different structural and magnetic configurations are comprehensively investigated using a first-principles density-functional-theory (DFT) plus U approach in conjunction with experimental measurements of the thermal expansion. Comparing DFT and DFT+U results with experimental data reveals that the treatment of electron correlations using methods beyond standard DFT is crucial. The non-magnetic face-centered cubic B1-CrN phase is both, elastically and dynamically unstable, even under high pressure, while CrN phases with non-zero local magnetic moments are predicted to be dynamically stable within the framework of the DFT+U scheme. Furthermore, the impact of different treatments for the exchange-correlation