Is Franklin, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Franklin has remained a Seller's Market.
Key Takeaway
Franklin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Franklin, TN
How much do homes in Franklin, TN cost?
Median Sold Price
$858,677
$315/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Franklin have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Franklin was $858,677 in April 2024, up 5.4% from last year, and the median price per square foot was $315.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $305K | $348.7K | +14.3% |
| 2 Bedrooms | $425K | $450K | +5.9% |
| 3 Bedrooms | $640.1K | $652.5K | +1.9% |
| 4 Bedrooms | $950.1K | $974.9K | +2.6% |
| 5+ Bedrooms | $1.2M | $1.3M | +8.0% |
Summary: Franklin housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 8%.
Median Sold Price Compared To Nearby Cities
| Franklin | $814.9K | $858.6K | +5.4% |
| Brentwood | $1.0M | $1.0M | -4.4% |
Housing Supply in Franklin, TN
How many homes are available in Franklin, TN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 654 | 714 | +9.2% |
Summary: The Franklin real estate market had 714 homes for sale in April 2024, a 9.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 8 | +33.3% |
| 2 Bedrooms | 67 | 67 | 0.0% |
| 3 Bedrooms | 186 | 195 | +4.8% |
| 4 Bedrooms | 241 | 258 | +7.1% |
| 5+ Bedrooms | 154 | 186 | +20.8% |
Summary: The Franklin housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 20.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 136 | 153 | +12.5% |
Asking Price vs. Sold Price
63 Homes Were Sold
Under Asking
54 Homes Were Sold
At Asking
35 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin, you may be able to get a good deal. 41.4% of homes here sold below asking price last month.
Summary: A total of 153 homes were sold or pending in Franklin in April 2024, up by 12.5% month-over-month. Of the 152 sold homes, 41% were sold under asking, 36% were sold at asking, and 23% were sold over asking.
Days on Market for Franklin, TN
How long does it take to sell a home in Franklin, TN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 33 Days | 25 Days | -24.2% |
Summary: Homes in Franklin had an average of 25 days on market in Apr 2024, down by 24.2% compared to last year.
Breakdown of Home Sale Times
112 Homes Were Sold
Under 30 Days
20 Homes Were Sold
In 30 - 90 Days
15 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Franklin are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 153 homes were sold in Franklin; 73% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.