Is Franklin Township, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Franklin Township was a Seller's Market.
Key Takeaway
Franklin Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Franklin Township, PA
How much do homes in Franklin Township, PA cost?
Median Sold Price
$515,000
$170/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Franklin Township have sold for 5.5% more than they did a year ago.
Summary: The median home sold price in Franklin Township was $515,000 in May 2024, up 5.5% from last year, and the median price per square foot was $170.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $170.5K | $82.5K | -51.6% |
| 3 Bedrooms | $187.5K | $255K | +36.0% |
| 4 Bedrooms | $575K | $592.5K | +3.0% |
| 5+ Bedrooms | $779K | $949.9K | +21.9% |
Summary: Franklin Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 51.6%, 3 bedroom homes increased by 36%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 21.9%.
Median Sold Price Compared To Nearby Cities
| London Britain Township | $512.5K | $632.5K | +23.4% |
| Landenberg | $545K | $625K | +14.7% |
| Franklin Township | $488.2K | $515K | +5.5% |
| New London Township | $545K | $526K | -3.5% |
Housing Supply in Franklin Township, PA
How many homes are available in Franklin Township, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 18 | +5.9% |
Summary: The Franklin Township real estate market had 18 homes for sale in May 2024, a 5.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 4 | 3 | -25.0% |
| 4 Bedrooms | 10 | 12 | +20.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Franklin Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 25%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 3 | +200.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin Township, expect to pay close to the asking price. 66.7% of homes here sold near the asking price last month.
Summary: A total of 3 homes were sold or pending in Franklin Township in May 2024, up by 200.0% month-over-month. Of the 3 sold homes, 0% were sold under asking, 67% were sold at asking, and 33% were sold over asking.
Days on Market for Franklin Township, PA
How long does it take to sell a home in Franklin Township, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 3 Days | -85.0% |
Summary: Homes in Franklin Township had an average of 3 days on market in May 2024, down by 85% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Franklin Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 3 homes were sold in Franklin Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
