Is Franklin Township, NJ 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, Franklin Township has remained a Seller's Market.
Housing Prices in Franklin Township, NJ
How much do homes in Franklin Township, NJ cost?
Median Sold Price
$332,000
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Franklin Township was $332,000 in May 2024, up 18.6% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $105K | $232.4K | +121.4% |
2 Bedrooms | $235K | $249.5K | +6.2% |
3 Bedrooms | $276K | $325K | +17.8% |
4 Bedrooms | $432.5K | $430K | -0.6% |
5+ Bedrooms | $600K | $510K | -15.0% |
Summary: Franklin Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 121.4%, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 17.8%, 4 bedroom homes decreased by 0.6%, and 5+ bedroom homes decreased by 15%.
Median Sold Price Compared To Nearby Cities
Newfield | $245K | $358K | +46.1% |
Clayton | $230K | $285K | +23.9% |
Franklin Township | $280K | $332K | +18.6% |
Franklinville | $318.5K | $311K | -2.4% |
Housing Supply in Franklin Township, NJ
How many homes are available in Franklin Township, NJ?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
99 | 104 | +5.1% |
Summary: The Franklin Township real estate market had 104 homes for sale in May 2024, a 5.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 2 | +100.0% |
2 Bedrooms | 15 | 16 | +6.7% |
3 Bedrooms | 41 | 39 | -4.9% |
4 Bedrooms | 31 | 35 | +12.9% |
5+ Bedrooms | 11 | 12 | +9.1% |
Summary: The Franklin Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 6.7%, 3 bedroom homes decreased by 4.9%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes increased by 9.1%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
13 | 18 | +38.5% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 18 homes were sold or pending in Franklin Township in May 2024, up by 38.5% month-over-month. Of the 17 sold homes, 29% were sold under asking, 18% were sold at asking, and 53% were sold over asking.
Days on Market for Franklin Township, NJ
How long does it take to sell a home in Franklin Township, NJ?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
44 Days | 54 Days | +23.9% |
Summary: Homes in Franklin Township had an average of 54 days on market in May 2024, up by 23.9% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 18 homes were sold in Franklin Township; 44% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.