Is Franklin, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Franklin has remained a Seller's Market.
Housing Prices in Franklin, TN
How much do homes in Franklin, TN cost?
Median Sold Price
$864,315
$314/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Franklin was $864,315 in March 2024, up 4.9% from last year, and the median price per square foot was $314.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $300K | $349.2K | +16.4% |
2 Bedrooms | $433.5K | $450K | +3.8% |
3 Bedrooms | $645K | $660.5K | +2.4% |
4 Bedrooms | $962.1K | $977K | +1.5% |
5+ Bedrooms | $1.3M | $1.3M | +7.7% |
Summary: Franklin housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.4%, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes increased by 7.7%.
Median Sold Price Compared To Nearby Cities
Franklin | $823.7K | $864.3K | +4.9% |
Brentwood | $1.0M | $1.0M | -7.5% |
Housing Supply in Franklin, TN
How many homes are available in Franklin, TN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
530 | 597 | +12.6% |
Summary: The Franklin real estate market had 597 homes for sale in March 2024, a 12.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 7 | +75.0% |
2 Bedrooms | 49 | 57 | +16.3% |
3 Bedrooms | 165 | 181 | +9.7% |
4 Bedrooms | 188 | 218 | +16.0% |
5+ Bedrooms | 124 | 134 | +8.1% |
Summary: The Franklin housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 75%, 2 bedroom homes increased by 16.3%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 16%, and 5+ bedroom homes increased by 8.1%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
95 | 130 | +36.8% |
Asking Price vs. Sold Price
67 Homes Were Sold
Under Asking
35 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Summary: A total of 130 homes were sold or pending in Franklin in March 2024, up by 36.8% month-over-month. Of the 129 sold homes, 52% were sold under asking, 27% were sold at asking, and 21% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
33 Days | 27 Days | -17.8% |
Summary: Homes in Franklin had an average of 27 days on market in Mar 2024, down by 17.8% compared to last year.
Breakdown of Home Sale Times
94 Homes Were Sold
Under 30 Days
25 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Summary: During March 2024, 130 homes were sold in Franklin; 72% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.