Is New Franklin, OH a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing New Franklin is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, New Franklin has remained a Seller's Market.

Key Takeaway

New Franklin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in New Franklin, OH

How much do homes in New Franklin, OH cost?

Median Sold Price

$225,000

$140/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$5,000(+2.3%)

Key Takeaway

Homes in New Franklin have sold for 2.3% more than they did a year ago.

Summary: The median home sold price in New Franklin was $225,000 in February 2024, up 2.3% from last year, and the median price per square foot was $140.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $43K-
N/A
2 $127.4K$195K
+53.0%
3 $215K$221.7K
+3.1%
4 $265K$295.5K
+11.5%
5+ $282.2K$240K
-15.0%

Summary: New 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 increased by 53%, 3 bedroom homes increased by 3.1%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes decreased by 15%.

Median Sold Price Compared To Nearby Cities

Coventry Township
+14.3%
Barberton
+8.6%
New Franklin
+2.3%
Lawrence Township
-2.4%
Norton
-6.0%

Housing Supply in New Franklin, OH

How many homes are available in New Franklin, OH?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
2936+24.1%

Summary: The New Franklin real estate market had 36 homes for sale in February 2024, a 24.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 68
+33.3%
3 1114
+27.3%
4 710
+42.9%
5+ 54
-20.0%

Summary: The New 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 increased by 33.3%, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
47+75.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in New Franklin, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in New Franklin in February 2024, up by 75.0% month-over-month. Of the 7 sold homes, 57% were sold under asking, 0% were sold at asking, and 43% were sold over asking.

Days on Market for New Franklin, OH

How long does it take to sell a home in New Franklin, OH?

Average Sale Time

Feb 2023Feb 2024CHANGE
51 Days20 Days-60.2%

Summary: Homes in New Franklin had an average of 20 days on market in Feb 2024, down by 60.2% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 7 homes were sold in New Franklin; 71% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 0% 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 18 Days Ago

Newest Listings in New Franklin, OH

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