Franklin, TN Market Update – February 2020
Real Estate sales in Franklin, TN remained strong in February 2020 with median sales prices increasing 4% since last year. Pending sales in February increased by 337 sales versus 2019. However, the ‘days on market’ continue to increase with sales taking an average of 58 days to close in February 2020.
February 2020 Highlights
There were 2,700 single family homes sold in Franklin, TN in Febraury 2020. That is a 7% increase in sales compared to the 2,519 sold in February 2019.
The median sales price for homes sold was $522,080 which is up roughly 4% compared to last year’s median price of $499,900.
Pending sales were up 13% to 2,497 in February 2020, compared to 2,211 pending at the same time last year.
Listing inventory was up 1% with 4,233 new listings in February 2020, compared to 4,179 listings in 2019.
The Days on Market for listings increased 60% versus the same time last year. Homes stayed on the market from listing to closing for an average of 59 days in February 2020. This is an increase from an average of 37 days on market for the previous year.
Condo / Townhouse Stats
There were 263 condos/townhomes sold in Franklin, TN in February 2020. That is a 14% increase in sales compared to the 230 sold in February 2019.
The median sales price for condos/townhomes sold was $311,553 which is down 2% compared to last year’s median price of $316,680.
Pending sales were up 21% to 274 in February 2020, compared to 226 at the same time last year.
Listing inventory was up 1% with 343 new listings in February 2020, compared to 341 in 2019.
The Days on Market increased 44% versus the same time last year. Condos/townhomes stayed on the market from listing to closing for an average of 52 days in February 2020. This is an increase from an average of 36 days on market in 2019.
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