Q3 2024 Real Estate Market Report for Franklin, TN<
Franklin, Tennessee, known for its rich history and vibrant community, remains one of the most sought-after suburbs in the greater Nashville area. From its historic downtown to its blend of modern conveniences, Franklin continues to attract buyers and investors alike. With close proximity to Nashville and a reputation for excellent schools, Franklin’s real estate market is a significant player in the region.
The Q3 2024 real estate market data for Franklin highlights some notable trends and shifts compared to the previous year, showing strong demand with rising prices and steady inventory levels.
Key Metrics at a Glance:
| Metric | September 2023 | September 2024 | Year-over-Year Change |
|---|---|---|---|
| New Listings | 200 | 172 | 14% Decrease |
| New Under Contract | 131 | 107 | 18% Decrease |
| Active Inventory (Avg) | 347 | 386 | 11% Increase |
| Under Contract Inventory (Avg) | 303 | 217 | 28% Decrease |
| Total Inventory | 650 | 603 | 7% Decrease |
| Closings | 116 | 97 | 16% Decrease |
| Sale Price (Avg) | $1,114,219 | $1,241,304 | 11% Increase |
| Sale Price (Med) | $1,007,287 | $1,080,000 | 7% Increase |
| Avg DOM (Closed) | 29 | 29 | 1% Increase |
| Avg List Price (Active) | $2,083,438 | $1,996,573 | 4% Decrease |
| List to Contract (Avg) | 51 | 50 | 1% Decrease |
| Contract to Closed (Avg) | 55 | 56 | 3% Increase |
| List to Closed (Avg) | 99 | 99 | 0% No Change |
| Months of Supply | 3.72 | 4.9 | 32% Increase |
Takeaway Points:
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- Days on Market: The days on market (DOM) has remained stable year-over-year, with homes taking approximately 29 days to sell on average.
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- Active Inventory: A slight increase in active inventory suggests that there are more homes on the market, providing buyers with more options.
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- Pricing Trends: Both the average and median sale prices have risen, reflecting a continued upward trend in home values in Franklin.
Narrative Summary:
Franklin’s real estate market remains competitive, with demand driving up prices despite a slight decrease in new listings and closings. The area continues to attract families and professionals who are drawn to its high quality of life, excellent schools, and proximity to Nashville. The 11% increase in the average sale price and the 7% rise in the median sale price are clear indicators of Franklin’s enduring desirability.
For more details about living in Franklin, visit Visit Franklin or Franklin, Tennessee – Wikipedia.