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Nashville, TN Housing Market
In September 2024, home prices in Franklin saw a notable year-over-year increase of 5.2%, with the median price reaching $768,000. Homes in the area are currently taking slightly longer to sell, averaging 54 days on the market compared to 47 days a year prior, which could suggest a slight cooling in buyer urgency or a more balanced market. Sales activity was slightly higher, with 103 homes sold compared to 99 in September 2023. Additionally, the median price per square foot has surged by 12.7% to $347, reflecting increased property value and demand for space, even as time on the market extends. This data suggests that while buyers may be taking a bit longer to finalize purchases, property values in Franklin remain robust and are continuing to appreciate.
Franklin's real estate market maintains a moderate level of competitiveness. On average, homes are selling within about 48 days, with some properties attracting multiple offers. Most homes tend to sell at approximately 2% below their list price and go pending within this 48-day window, indicating some room for negotiation in the market. However, "hot" properties—those in high demand—can sell closer to the list price and move into pending status much faster, typically within just 23 days. This range in selling times and prices suggests that while the market isn't highly competitive across the board, well-priced or highly desirable homes still move quickly and at prices close to asking.
Recent migration trends indicate that Franklin, Tennessee, is attracting homebuyers from various metropolitan areas across the United States. Notably, 1% of prospective homebuyers nationwide have shown interest in relocating to Franklin from other metro regions. Among these, individuals from Los Angeles lead the influx, followed by those from Chicago and San Francisco. This pattern suggests that Franklin's housing market is appealing to buyers from larger, often more expensive cities, possibly due to its relative affordability and quality of life.
If you’re curious about the Franklin real estate market or thinking about finding your perfect property here, reach out to Debbie! With her local expertise and dedication, Debbie is here to answer any questions and guide you through every step of the home-buying process in Franklin, TN. Don’t wait—let’s find your dream home together!
Dive into our comprehensive Franklin neighborhood guide to explore the area's unique communities, top amenities, and local highlights. Whether you're looking for a vibrant downtown vibe or a peaceful suburban setting, our guide has everything you need to find the perfect neighborhood fit. Start exploring and uncover the ideal spot for your new home!
Serving the Middle Tennessee area since 2005, Debbie Gregory has many years of real estate and marketing experience. As a Nashville native, Debbie has extensive understanding of the middle Tennessee market and region.
