Is Franklin, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Franklin is a seller's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Franklin was a Neutral 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

$715,000

$277/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$129,000(-15.3%)

Key Takeaway

Homes in Franklin have sold for 15.3% less than they did a year ago.

Summary: The median home sold price in Franklin was $715,000 in February 2024, down 15.3% from last year, and the median price per square foot was $277.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $1.3M-
N/A
3 $662.5K$477K
-28.0%
4 $725K$776K
+7.0%
5+ $930K$2.7M
+195.7%

Summary: Franklin housing prices by bedroom type for February 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 decreased by 28%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 195.7%.

Median Sold Price Compared To Nearby Cities

Bloomfield Charter Township
+12.0%
Franklin
-15.3%
Southfield Township
-23.4%

Housing Supply in Franklin, MI

How many homes are available in Franklin, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
515+200.0%

Summary: The Franklin real estate market had 15 homes for sale in February 2024, a 200.0% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 00
0.0%
3 48
+100.0%
4 17
+600.0%
5+ 00
0.0%

Summary: The Franklin housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 100%, 4 bedroom homes increased by 600%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
13+200.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Franklin, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Franklin in February 2024, up by 200.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% 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?

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Franklin are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 3 homes were sold in Franklin; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Franklin, MI

Nearby Markets to Franklin, MI

What housing markets are near Franklin, MI?