Is Franklin, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Franklin has remained a Seller's Market.
Housing Prices in Franklin, MI
How much do homes in Franklin, MI cost?
Median Sold Price
$727,000
$268/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Franklin was $727,000 in June 2024, down 15.4% from last year, and the median price per square foot was $268.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $1.3M | - | N/A |
3 Bedrooms | $437.5K | $645K | +47.4% |
4 Bedrooms | $802K | $753.5K | -6.0% |
5+ Bedrooms | $2.5M | $996K | -60.9% |
Summary: Franklin housing prices by bedroom type for June 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 47.4%, 4 bedroom homes decreased by 6%, and 5+ bedroom homes decreased by 60.9%.
Median Sold Price Compared To Nearby Cities
Bingham Farms | $439K | $562.5K | +28.1% |
Bloomfield Charter Township | $523.4K | $587.9K | +12.3% |
Southfield Township | $250K | $266K | +6.4% |
Franklin | $859K | $727K | -15.4% |
Housing Supply in Franklin, MI
How many homes are available in Franklin, MI?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
22 | 15 | -31.8% |
Summary: The Franklin real estate market had 15 homes for sale in June 2024, a 31.8% decrease compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 1 | 0 | -100.0% |
3 Bedrooms | 11 | 9 | -18.2% |
4 Bedrooms | 9 | 6 | -33.3% |
5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Franklin housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 100%, 3 bedroom homes decreased by 18.2%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
8 | 5 | -37.5% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Franklin in June 2024, down by 37.5% month-over-month. Of the 5 sold homes, 20% were sold under asking, 40% were sold at asking, and 40% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
4 Days | 10 Days | +126.7% |
Summary: Homes in Franklin had an average of 10 days on market in Jun 2024, up by 126.7% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During June 2024, 5 homes were sold in Franklin; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.