Franklin TN Real Estate market

Franklin, TN Real Estate Market Update - Q1 2024
Nashville, TN / USA - (last modified April 19, 2024 at 6:00am )

 

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.

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