Is New Franklin, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, New Franklin has remained a Seller's Market.
Key Takeaway
New Franklin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in New Franklin, OH
How much do homes in New Franklin, OH cost?
Median Sold Price
$239,000
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in New Franklin have sold for 6.2% more than they did a year ago.
Summary: The median home sold price in New Franklin was $239,000 in May 2024, up 6.2% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $43K | - | N/A |
| 2 Bedrooms | $165K | $176K | +6.7% |
| 3 Bedrooms | $220.5K | $226.4K | +2.7% |
| 4 Bedrooms | $274.9K | $300K | +9.1% |
| 5+ Bedrooms | $273K | $368.7K | +35.1% |
Summary: New Franklin 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 increased by 6.7%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 35.1%.
Median Sold Price Compared To Nearby Cities
| Barberton | $135K | $153.3K | +13.6% |
| Coventry Township | $178K | $199.9K | +12.3% |
| New Franklin | $225K | $239K | +6.2% |
| Lawrence Township | $230.5K | $235K | +2.0% |
| Norton | $255K | $230K | -9.8% |
Housing Supply in New Franklin, OH
How many homes are available in New Franklin, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 | 33 | -13.2% |
Summary: The New Franklin real estate market had 33 homes for sale in May 2024, a 13.2% decrease 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 | 6 | 4 | -33.3% |
| 3 Bedrooms | 17 | 17 | 0.0% |
| 4 Bedrooms | 11 | 9 | -18.2% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The New Franklin 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 decreased by 33.3%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 18.2%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 13 | 0.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in New Franklin, you may be able to get a good deal. 53.8% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in New Franklin in May 2024, the same as the previous month. Of the 13 sold homes, 54% were sold under asking, 15% were sold at asking, and 31% were sold over asking.
Days on Market for New Franklin, OH
How long does it take to sell a home in New Franklin, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 40 Days | +29.5% |
Summary: Homes in New Franklin had an average of 40 days on market in May 2024, up by 29.5% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in New Franklin are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in New Franklin; 62% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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