Franklin, TN Single-Family Home Market Update: November 2024

The Franklin real estate market in November 2024 reflects notable changes compared to last year, offering a mix of opportunities for buyers and sellers. Here's a summary of the key trends and what they mean for you.

Market Trends:

• New Listings dropped slightly from 159 to 143, indicating fewer homes are entering the market.
• New Under Contracts increased from 107 to 121, suggesting buyer demand remains strong.
• Active Inventory edged up from 350 to 372, giving buyers a few more options.
• Closings jumped from 103 to 128, reflecting an increase in successful sales.
• Average Sale Price rose from $1,193,176 to $1,305,583, and the Median Sale Price increased from $1,000,000 to $1,100,000, highlighting a trend toward higher home values.
• Average Days on Market (DOM) increased significantly from 17 to 42, meaning homes are taking longer to sell.
• Months of Supply decreased from 4.16 to 3.75, signaling a slightly tighter market.

What This Means for Buyers:

• Higher Prices: Rising sale prices indicate that values in Franklin are climbing, so buyers may want to act sooner to avoid further increases.
• More Inventory: While inventory is relatively stable, slightly more active listings provide opportunities to find the right home.
  

What This Means for Sellers:

• Strong Prices: The increase in average and median sale prices is great news for sellers, particularly in the luxury market.
• Be Prepared for Longer Market Time: Homes are staying on the market longer, so patience and proper pricing are key.

Overall, the Franklin market remains competitive, with rising prices and strong buyer activity. Sellers should focus on accurate pricing and preparation to attract offers, while buyers should act strategically in this high-demand, higher-priced market.