Is Franklin, MI 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 was a Buyer'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, MI
How much do homes in Franklin, MI cost?
Median Sold Price
$727,000
$276/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Franklin have sold for 16.1% less than they did a year ago.
Summary: The median home sold price in Franklin was $727,000 in May 2024, down 16.1% from last year, and the median price per square foot was $276.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $1.3M | - | N/A |
| 3 Bedrooms | $450K | $623.5K | +38.6% |
| 4 Bedrooms | $849.5K | $705K | -17.0% |
| 5+ Bedrooms | $1.4M | $1.4M | +2.6% |
Summary: 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 did not change, 3 bedroom homes increased by 38.6%, 4 bedroom homes decreased by 17%, and 5+ bedroom homes increased by 2.6%.
Median Sold Price Compared To Nearby Cities
| Bloomfield Charter Township | $520.9K | $599.4K | +15.1% |
| Bingham Farms | $451K | $515K | +14.2% |
| Southfield Township | $250K | $265.7K | +6.3% |
| Franklin | $867K | $727K | -16.1% |
Housing Supply in Franklin, MI
How many homes are available in Franklin, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 21 | 22 | +4.8% |
Summary: The Franklin real estate market had 22 homes for sale in May 2024, a 4.8% 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 | 1 | +100.0% |
| 3 Bedrooms | 8 | 11 | +37.5% |
| 4 Bedrooms | 11 | 8 | -27.3% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 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 increased by 100%, 3 bedroom homes increased by 37.5%, 4 bedroom homes decreased by 27.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 9 | +28.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Franklin in May 2024, up by 28.6% month-over-month. Of the 9 sold homes, 44% were sold under asking, 22% were sold at asking, and 33% were sold over asking.
Days on Market for Franklin, MI
How long does it take to sell a home in Franklin, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 268 Days | 25 Days | -90.5% |
Summary: Homes in Franklin had an average of 25 days on market in May 2024, down by 90.5% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Franklin are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Franklin; 78% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
