Franklin, TN Real Estate Market Update – Q1 2024
As we step into the first quarter of 2024, Franklin, TN retains its reputation as a city where history is treasured, and the future is embraced. Known for its vibrant mix of historical sites, picturesque downtown, and community events, Franklin’s real estate market reflects this rich tapestry.
Key Metrics at a Glance:
Metric | March 2023 | March 2024 | Year-over-Year Change |
---|---|---|---|
New Listings | 243 | 217 | 11% Decrease |
New Under Contract | 122 | 183 | 50% Increase |
Active Inventory (Avg) | 295 | 279 | 5% Decrease |
Under Contract Inventory (Avg) | 326 | 296 | 9% Decrease |
Total Inventory | 621 | 576 | 7% Decrease |
Closings | 163 | 139 | 15% Decrease |
Sale Price (Avg) | $1,088,920 | $1,145,574 | 5% Increase |
Sale Price (Med) | $920,000 | $971,419 | 6% Increase |
Avg DOM (Closed) | 27 | 29 | 9% Increase |
Avg List Price (Active) | $1,887,267 | $1,957,840 | 4% Increase |
List to Contract (Avg) | 44 | 97 | 119% Increase |
Contract to Closed (Avg) | 37 | 30 | 19% Decrease |
List to Closed (Avg) | 103 | 97 | 6% Decrease |
Months of Supply | 3.86 | 4.07 | 5% Increase |
Days on Market: The slight increase in days on market may indicate a more balanced market, providing buyers with more options and time to make their choice.
Active Inventory: Even with a modest decrease in active inventory, the market remains dynamic, showing the desirability of Franklin’s lifestyle.
Pricing Trends: The continued rise in average and median sale prices showcases the strong value of homes in Franklin, where history and modern amenities converge to create a highly sought-after living experience.
As the first quarter of 2024 concludes, Franklin’s real estate market demonstrates a remarkable blend of stability and growth, reflective of the city itself—a haven of Southern heritage harmoniously woven with progressive threads. With careful attention to the shifts in market dynamics, Franklin remains a wise choice for those looking to plant roots in a community rich in history and forward in vision. For more insights into Franklin’s lifestyle and community events, visit visitfranklin.com.