Is Franklin, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Franklin was a Seller's Market.
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 March 2023
Summary: The median home sold price in Franklin was $673,500 in March 2024, down 20% from last year, and the median price per square foot was $269.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $1.3M | - | N/A |
3 Bedrooms | $487.5K | $477K | -2.2% |
4 Bedrooms | $750K | $705K | -6.0% |
5+ Bedrooms | $987.5K | $1.8M | +89.7% |
Summary: Franklin housing prices by bedroom type for March 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 2.2%, 4 bedroom homes decreased by 6%, and 5+ bedroom homes increased by 89.7%.
Median Sold Price Compared To Nearby Cities
Bloomfield Charter Township | $520K | $590.7K | +13.6% |
Southfield Township | $275K | $259.9K | -5.5% |
Franklin | $842K | $673.5K | -20.0% |
Housing Supply in Franklin, MI
How many homes are available in Franklin, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
13 | 21 | +61.5% |
Summary: The Franklin real estate market had 21 homes for sale in March 2024, a 61.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 0 | 0 | 0.0% |
3 Bedrooms | 6 | 8 | +33.3% |
4 Bedrooms | 7 | 10 | +42.9% |
5+ Bedrooms | 0 | 3 | +100.0% |
Summary: The Franklin housing inventory by bedroom type for March 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 33.3%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
3 | 2 | -33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 2 homes were sold or pending in Franklin in March 2024, down by 33.3% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
226 Days | 6 Days | -97.3% |
Summary: Homes in Franklin had an average of 6 days on market in Mar 2024, down by 97.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During March 2024, 2 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.