The real estate market reached new highs in 2021. As the supply shortage begins to decline again, let’s take a look at the current state of the local property market. Luxury Realtor® Susan Gregory shares opinions …
Franklin, TN Real Estate by the Numbers
- The median sale price for homes in Franklin is $ 706,000. This is 28.3% more than last year.
- Homes are selling 5.1% above the list price.
- The average house spends 11.5 days on the market.
- The average cost per square foot is $ 250 (28.9% more than last year).
- Buyers contribute an average down payment of 18.9% to the final table.
So how does Franklin’s real estate market compare to the rest of the country? In the Redfin Compete Score, Franklin earned 78 (Hot), noting:
- “Many homes receive multiple offers, some with excluded contingencies.”
- “On average, homes sell about 5% above list price and are rented out in about 12 days.”
- “Hot Homes can be sold about 11% above the list price and will go on sale in about 4 days.”
Date source: Redfin
Buyer’s or Seller’s Market?
While rising prices and fast sales are music to the seller’s ears, buyers also have opportunities on the horizon. The number of offers is growing across the country – a good sign for buyers who have been excluded from prices in the property market this year, which was often characterized by low supply and offers exceeding the asking price.
“In June, the number of new listings increased by 5.5% year on year and by 10.9% compared to May,” CNBC reports… As more offers enter the market, we may see less competition, which will allow more buyers to participate.
As WKRN noted on July 19: “Here, at the local level, supply and demand finally caught up after both directions have been on the opposite trend for several months.” The number of exhibitions and the available inventory are balancing out a few months after their biggest divergence at the end of April. (On Friday, April 24, the Greater Nashville area had 5,219 documented events, while stocks hit their second lowest level ever.)
Is it time to buy or sell real estate in Mid Tennessee?
Is now a good time to shop? Good time to sell? In truth, life cannot wait for “perfect” market conditions! Nobody can predict the future of the real estate market. But Susan Gregory and her team can help you navigate your choice with years of experience and hundreds of millions of volumes sold.
Get help from Susan Gregory at luxury Realtor®! Susan and her team help both new and experienced homeowners find their next place to call home. No matter what kind of home you are looking for, Susan’s team is ready to help you find one – even in this competitive market!
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Learn More With Luxury Realtor® Susan Gregory
For more information, Contact Luxury Realtor® Susan Gregory Online or call (615) 300-5111 today. If you are looking to buy or sell anywhere in Nashville, Franklin, Brentwood or the Mid-Tennessee area, reach out to Susan and the Parks Realty team today!