Franklin, TN Market Update – January 2020
Real Estate sales in Franklin, TN remained strong in January 2020 with median sales prices increasing 6% since last year. Pending sales in January increased by 89 sales versus 2019. However, the ‘days on market’ continue to increase with sales taking an average of 88 days to close in January 2020.
January 2020 Highlights
There were 134 single family homes sold in Franklin, TN in January 2020. That is a 10% increase in sales compared to the 121 sold in January 2019.
The median sales price for homes sold was $545,106 which is up roughly 6% compared to last year’s median price of $515,000.
Pending sales were up 49% to 227 in January 2020, compared to 138 pending at the same time last year.
Listing inventory was down 4% with 261 new listings in January 2020, compared to 272 listings in 2019.
The Days on Market for listings increased 48% versus the same time last year. Homes stayed on the market from listing to closing for an average of 88 days in January 2020. This is an increase from an average of 54 days on market for the previous year.
Condo / Townhouse Stats
There were 10 condos/townhomes sold in Franklin, TN in January 2020. That is a 10% decrease in sales compared to the 11 sold in January 2019.
The median sales price for condos/townhomes sold was $301,750 which is down 7% compared to last year’s median price of $323,000.
Pending sales were up 33% to 18 in January 2020, compared to 12 at the same time last year.
Listing inventory was down 53% with 14 new listings in January 2020, compared to 26 in 2019.
The Days on Market increased 24% versus the same time last year. Condos/townhomes stayed on the market from listing to closing for an average of 90 days in January 2020. This is an increase from an average of 68 days on market in 2019.
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