The real estate market has reached new highs in 2021. As tight supply begins to ease once more, let’s take a look at the current state of the Middle Tennessee real estate market. Luxury Realtor® Susan Gregory shares insights…
Franklin, TN Real Estate by the Numbers
- The median sales price of homes in Franklin is $706,000. That’s an increase of 28.3% since last year.
- Homes are selling for 5.1% over list price.
- The average home spends 11.5 days on the market.
- The average cost per square foot is $250 (a 28.9% increase since last year).
- Buyers are bringing an average down payment of 18.9% to the closing table.
So how does the Franklin real estate market compare to the rest of the nation? The Redfin Compete Score ranked Franklin at 78 (“Hot”), noting:
- “Many homes get multiple offers, some with waived contingencies.”
- “The average homes sell for about 5% above list price and go pending in around 12 days.”
- “Hot homes can sell for about 11% above list price and go pending in around 4 days.”
Date source: Redfin
A Buyer’s or Seller’s Market?
While rising prices and fast sales are music to a seller’s ears, buyers also have opportunity on the horizon. The number of listings are rising across the nation – a good sign for buyers who have been priced out of this year’s real estate market, which has often been characterized by low supply and above-asking-price offers.
“In June, new listings increased 5.5% year over year and 10.9% compared with May,” reports CNBC. As more supply enters the market, we may see competition taper, allowing more buyers to participate.
As WKRN noted on July 19, “Here locally, supply and demand are finally evening out after months of the two trending in the opposite direction.” The number of showings and available inventory are finding equilibrium several months after their biggest divergence in late April. (On Friday, April 24, there were 5,219 documented showings in the Greater Nashville Area while inventory hit its second lowest level of all time.)
Is NOW the Time to Buy or Sell Real Estate in Middle TN?
Is now a good time to buy? A good time to sell? The truth is, life can’t wait on “perfect” market conditions! No one can predict the future of the real estate market. But Susan Gregory and her team can help you navigate your options with years of experience and hundreds of millions of dollars in volume sold.
Contact luxury Realtor® Susan Gregory for help! Susan and her team helps new and seasoned homeowners alike in finding their next place to call home. No matter what kind of home you’re looking for, Susan’s team is ready to help you find it – even in this competitive market!
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