Is Franklin, TN 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 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
$878,266
$315/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Franklin have sold for 8.2% more than they did a year ago.
Summary: The median home sold price in Franklin was $878,266 in May 2024, up 8.2% from last year, and the median price per square foot was $315.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $350K | $279.7K | -20.1% |
| 2 Bedrooms | $417.5K | $458.5K | +9.8% |
| 3 Bedrooms | $639.6K | $658.9K | +3.0% |
| 4 Bedrooms | $910K | $986.8K | +8.4% |
| 5+ Bedrooms | $1.2M | $1.3M | +3.6% |
Summary: Franklin housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 20.1%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 3.6%.
Median Sold Price Compared To Nearby Cities
| Franklin | $811.8K | $878.2K | +8.2% |
| Brentwood | $1.0M | $1.0M | -2.2% |
Housing Supply in Franklin, TN
How many homes are available in Franklin, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 737 | 767 | +4.1% |
Summary: The Franklin real estate market had 767 homes for sale in May 2024, a 4.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 7 | -12.5% |
| 2 Bedrooms | 70 | 65 | -7.1% |
| 3 Bedrooms | 202 | 197 | -2.5% |
| 4 Bedrooms | 267 | 315 | +18.0% |
| 5+ Bedrooms | 190 | 183 | -3.7% |
Summary: The Franklin housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.5%, 2 bedroom homes decreased by 7.1%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes increased by 18%, and 5+ bedroom homes decreased by 3.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 160 | 191 | +19.4% |
Asking Price vs. Sold Price
101 Homes Were Sold
Under Asking
44 Homes Were Sold
At Asking
45 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin, you may be able to get a good deal. 53.2% of homes here sold below asking price last month.
Summary: A total of 191 homes were sold or pending in Franklin in May 2024, up by 19.4% month-over-month. Of the 190 sold homes, 53% were sold under asking, 23% were sold at asking, and 24% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 23 Days | 27 Days | +15.5% |
Summary: Homes in Franklin had an average of 27 days on market in May 2024, up by 15.5% compared to last year.
Breakdown of Home Sale Times
144 Homes Were Sold
Under 30 Days
29 Homes Were Sold
In 30 - 90 Days
16 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 May 2024, 191 homes were sold in Franklin; 75% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 8% 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.