Is Franklin Farm, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Franklin Farm is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Franklin Farm, VA

How much do homes in Franklin Farm, VA cost?

Median Sold Price

$877,500

$318/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$107,600(+14.0%)

Key Takeaway

Homes in Franklin Farm have sold for 14% more than they did a year ago.

Summary: The median home sold price in Franklin Farm was $877,500 in April 2024, up 14% from last year, and the median price per square foot was $318.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 --
N/A
2 $450K$526.5K
+17.0%
3 $545.1K$576K
+5.7%
4 $818.8K$880K
+7.5%
5+ $975K$1.0M
+2.6%

Summary: Franklin Farm 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 increased by 17%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 2.6%.

Housing Supply in Franklin Farm, VA

How many homes are available in Franklin Farm, VA?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
3347+42.4%

Summary: The Franklin Farm real estate market had 47 homes for sale in April 2024, a 42.4% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 02
+100.0%
3 67
+16.7%
4 1826
+44.4%
5+ 912
+33.3%

Summary: The Franklin Farm 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 increased by 100%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 44.4%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
1220+66.7%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

18 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Franklin Farm, you could pay more than the asking price. 90% of homes here sold above asking price last month.

Summary: A total of 20 homes were sold or pending in Franklin Farm in April 2024, up by 66.7% month-over-month. Of the 20 sold homes, 5% were sold under asking, 5% were sold at asking, and 90% were sold over asking.

Days on Market for Franklin Farm, VA

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

Average Sale Time

Apr 2023Apr 2024CHANGE
20 Days5 Days-76.0%

Summary: Homes in Franklin Farm had an average of 5 days on market in Apr 2024, down by 76% compared to last year.

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 20 homes were sold in Franklin Farm; 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.

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 Franklin Farm, VA

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