Franklin Area Real Estate Market Update – Q2 2024
Franklin, Tennessee, is a city rich in history and Southern charm. Located just south of Nashville, Franklin is known for its well-preserved historical sites, vibrant downtown area, and highly rated schools. It offers a blend of historic homes and new developments, making it a desirable location for families, professionals, and retirees alike. The city’s unique blend of past and present provides a high quality of life for its residents.
Key Metrics at a Glance:
| Metric | July 2023 | July 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 266 | 155 | 42% Decrease |
| New Under Contract | 153 | 125 | 18% Decrease |
| Active Inventory (Avg) | 359 | 373 | 4% Increase |
| Under Contract Inventory (Avg) | 327 | 260 | 20% Decrease |
| Total Inventory | 686 | 633 | 8% Decrease |
| Closings | 145 | 157 | 8% Increase |
| Sale Price (Avg) | $1,062,935 | $1,122,908 | 6% Increase |
| Sale Price (Med) | $950,000 | $899,900 | 5% Decrease |
| Avg DOM (Closed) | 22 | 26 | 19% Increase |
| Avg List Price (Active) | $2,104,455 | $2,046,458 | 3% Decrease |
| List to Contract (Avg) | 31 | 43 | 39% Increase |
| Contract to Closed (Avg) | 62 | 45 | 26% Decrease |
| List to Closed (Avg) | 101 | 98 | 3% Decrease |
| Months of Supply | 3.16 | 3.12 | 1% Decrease |
Takeaway Points:
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- Days on Market: The average days on market (DOM) have increased, indicating a slower pace in sales activity.
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- Active Inventory: The active inventory has slightly increased, providing more options for potential buyers.
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- Pricing Trends: The increase in average sale prices highlights a steady demand for properties in Franklin, while the slight decrease in median sale prices may reflect more competitive pricing strategies.
Summary:
Franklin’s Q2 2024 real estate market demonstrates stability and growth. The city’s blend of historic charm and modern amenities continues to attract a wide range of buyers. Despite a slower sales pace, as shown by the increased days on market, Franklin remains a highly desirable location with a steady rise in average sale prices. The area’s appeal is further enhanced by its vibrant downtown, excellent schools, and rich history, making it a top choice for many homebuyers.
