$10,000 Closing Credit*
$850,000
1,398 SqFt
3 Beds
•3 Full Baths
Lori A Hall, Listing Office: Long & Foster Real Estate, Inc.
Is Franklin Farm, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Franklin Farm has remained a Seller's Market.
Key Takeaway
Franklin Farm is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Franklin Farm, VA
How much do homes in Franklin Farm, VA cost?
Median Sold Price
$920,000
$333/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$112,000(+13.9%)
Key Takeaway
Homes in Franklin Farm have sold for 13.9% more than they did a year ago.
Summary: The median home sold price in Franklin Farm was $920,000 in November 2024, up 13.9% from last year, and the median price per square foot was $333.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $500K | $590K | +18.0% |
| 3 Bedrooms | $562.5K | $650K | +15.6% |
| 4 Bedrooms | $825K | $941K | +14.1% |
| 5+ Bedrooms | $1.0M | $1.1M | +10.8% |
Summary: Franklin Farm housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 18%, 3 bedroom homes increased by 15.6%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes increased by 10.8%.
Housing Supply in Franklin Farm, VA
How many homes are available in Franklin Farm, VA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 33 | 24 | -27.3% |
Summary: The Franklin Farm real estate market had 24 homes for sale in November 2024, a 27.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 8 | 4 | -50.0% |
| 4 Bedrooms | 20 | 16 | -20.0% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Franklin Farm housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 50%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 17 | 10 | -41.2% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin Farm, you could pay more than the asking price. 70% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Franklin Farm in November 2024, down by 41.2% month-over-month. Of the 10 sold homes, 30% were sold under asking, 0% were sold at asking, and 70% were sold over asking.
Days on Market for Franklin Farm, VA
How long does it take to sell a home in Franklin Farm, VA?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 17 Days | 10 Days | -36.8% |
Summary: Homes in Franklin Farm had an average of 10 days on market in Nov 2024, down by 36.8% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Franklin Farm are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 10 homes were sold in Franklin Farm; 90% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
