Is Franklin, TN 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

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, TN

How much do homes in Franklin, TN cost?

Median Sold Price

$849,988

$312/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$67,224(+8.6%)

Key Takeaway

Homes in Franklin have sold for 8.6% more than they did a year ago.

Summary: The median home sold price in Franklin was $849,988 in February 2024, up 8.6% from last year, and the median price per square foot was $312.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $308.9K$349.2K
+13.0%
2 $421.9K$450K
+6.6%
3 $635.6K$663.1K
+4.3%
4 $943K$950K
+0.7%
5+ $1.3M$1.3M
-1.9%

Summary: Franklin housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13%, 2 bedroom homes increased by 6.6%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 0.7%, and 5+ bedroom homes decreased by 1.9%.

Median Sold Price Compared To Nearby Cities

Franklin
+8.6%
Brentwood
-8.5%

Housing Supply in Franklin, TN

How many homes are available in Franklin, TN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
508497-2.2%

Summary: The Franklin real estate market had 497 homes for sale in February 2024, a 2.2% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 54
-20.0%
2 4753
+12.8%
3 158151
-4.4%
4 182174
-4.4%
5+ 116115
-0.9%

Summary: The Franklin housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 12.8%, 3 bedroom homes decreased by 4.4%, 4 bedroom homes decreased by 4.4%, and 5+ bedroom homes decreased by 0.9%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
12188-27.3%

Asking Price vs. Sold Price

59 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

7 Homes Were 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. 67% of homes here sold below asking price last month.

Summary: A total of 88 homes were sold or pending in Franklin in February 2024, down by 27.3% month-over-month. Of the 88 sold homes, 67% were sold under asking, 25% were sold at asking, and 8% were sold over asking.

Days on Market for Franklin, TN

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

Average Sale Time

Feb 2023Feb 2024CHANGE
42 Days36 Days-13.8%

Summary: Homes in Franklin had an average of 36 days on market in Feb 2024, down by 13.8% compared to last year.

Breakdown of Home Sale Times

43 Homes Were Sold
Under 30 Days

34 Homes Were Sold
In 30 - 90 Days

9 Homes Were 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, 88 homes were sold in Franklin; 49% of homes were sold within 30 days, 39% of homes were sold within 30 to 90 days, and 10% 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 4 Days Ago

Newest Listings in Franklin, TN

Nearby Markets to Franklin, TN

What housing markets are near Franklin, TN?