Is Franklin, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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, MI
How much do homes in Franklin, MI cost?
Median Sold Price
$673,500
$269/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Franklin have sold for 20.4% less than they did a year ago.
Summary: The median home sold price in Franklin was $673,500 in April 2024, down 20.4% from last year, and the median price per square foot was $269.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $1.3M | - | N/A |
| 3 Bedrooms | $547.5K | $477K | -12.9% |
| 4 Bedrooms | $840K | $667K | -20.6% |
| 5+ Bedrooms | $987.5K | $1.8M | +89.7% |
Summary: Franklin housing prices by bedroom type for April 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 12.9%, 4 bedroom homes decreased by 20.6%, and 5+ bedroom homes increased by 89.7%.
Median Sold Price Compared To Nearby Cities
| Bloomfield Charter Township | $514.9K | $610.6K | +18.6% |
| Bingham Farms | $471K | $515K | +9.3% |
| Southfield Township | $269.2K | $260.7K | -3.1% |
| Franklin | $846.5K | $673.5K | -20.4% |
Housing Supply in Franklin, MI
How many homes are available in Franklin, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 17 | 23 | +35.3% |
Summary: The Franklin real estate market had 23 homes for sale in April 2024, a 35.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 5 | 10 | +100.0% |
| 4 Bedrooms | 10 | 11 | +10.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Franklin housing inventory by bedroom type for April 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 10%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 5 | +150.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Franklin in April 2024, up by 150.0% month-over-month. Of the 5 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% 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
3 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 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 April 2024, 5 homes were sold in Franklin; 60% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.