Named one of the South’s Best Cities by Southern Living Magazine, Franklin Tennessee is known for being both business and family-friendly …but how’s their real estate market? We’ll dive into the current highs and lows of home prices, which direction the market is going, and what prices sellers can expect – so stay tuned!
The secret is out in Franklin, Tennessee. No longer a hidden gem just for locals, buyers from coast to coast are attracted to the laid-back charm, green rolling hills, and great schools. The historic downtown is a popular hot spot full of elegant shops and a variety of independent restaurants. Leipers Fork village brings the sweet sound of local music and endless miles of picturesque winding country roads. So what is the nation’s attention doing to Franklin’s local real estate market?
Walkable to downtown Franklin, you’ll find this charming 541 sf one-bedroom condo, listed for $265,000 making it one of the area’s most affordable price-points.
At the opposite end of the spectrum, is this palatial Hidden River estate which offers nearly 23,000 square feet – 6 bedrooms – 8 bathrooms – and 5 half baths. Set on 4 acres and priced at $16.5M this home proudly holds the title of Franklin’s largest active listing.
In the middle of the fairway, we’ll find the median home price is currently $1.1M – an 11.2% increase over last year. The current median sales price is $755,000 with sellers garnering 98.7% of their list price with median days on the market at 30 days.
(Link to listings in this median price-point: https://go.realtracs.com/0wEm5Ck )
What does that mean if you are a Buyer or Seller in Franklin?
Sellers:With historically low days on the market and sales landing at nearly 99% of list price, this is a great market for you. But…inventory, even in picturesque Franklin, is rising and we are tilting toward a Buyer’s market. SO – don’t get greedy. Price where the market is and you can look forward to a quick contract and strong sales price.
Buyers:You love Franklin for all the right reasons and you’re ready to call this sweet city home. The market has begun to lean in your favor with increasing inventory bringing you more options. So, do your homework and make a thoughtful offer. Your dream home is waiting for you.