Franklin TN Homes for Sale | Market Report October 2013
Frankin TN is located 14 miles south of Nashville. There are approximately 35,000 homes with a population close to 63,000. Although, Franklin TN is the largest city in Williamson County, it has a small town feel. As a matter of fact, Franklin was named the Best Small Town in Tennessee.
There are two distinct areas of Franklin TN: Historic Franklin and the Cool Springs retail district. Historic Franklin dates back to 1799. The streets of historic Franklin are lined with boutique shops and eateries. It attracts both residents and out-of-town visitors hoping to get a glimpse of our Southern hospitality.
The Cool Springs retail district gets its name from Cool Springs Galleria but, make no mistake, this is in Franklin. You will find a variety of well-known restaurants and stores here. Nissan North America has its headquarters in this area as do other large companies. Franklin is seeing more and more industry moving here.
Franklin TN has a variety of housing options from one-level condominiums to large equestrian estates. Franklin is served by Williamson County Schools and is home to Battle Ground Academy, a popular private school choice.
Once you've visited our friendly city you won't want to leave.
Franklin TN Market Report for October 2013
- Properties currently Active on the market: 669
- Single-family properties closed in October 2013: 178
- Average sales price: $451,849
- Average list price: $464,854
- Average sales price to list price ratio: 97.2%
- Average days on the market: 63
- Sales currently pending: 248
- Franklin TN absorption rate: 3.8 months of inventory (a normal or steady market would be 5 - 7 months; anything under 5 months of inventory is considered a sellers' market; anything above 7 months of inventory is considered a buyers' market).
Franklin TN is currently experiencing a sellers' market. The average sales price to list price ratio is good and the average days on the market is low; a winning combination for home sellers. This bodes well as this reflects our entire inventory at every price point. When you look at this data in comparison to October 2012, there are some great things happening here.
In October 2012, there were 158 closed homes. We increased that number in October 2013 with a 13% jump in sales. There was a 18% jump in pending home sales in comparison to October 2012. The inventory has decreased by 5%.
What does this mean?
THIS IS A GREAT TIME TO SELL YOUR FRANKLIN TN HOME!
While we are experiencing a sellers' market, buyers are still very particular about the homes they purchase. Sellers should keep this in mind when preparing their Franklin TN homes for sale. Price is also key. Even though, some neighborhoods are seeing homes sell the first day over asking price, buyers are more savvy than ever and know when a house is priced above its value.
The best way to determine a list price is to have an experienced real estate agent prepare a Competitive Market Analysis. This will provide you with the current active listings and most recent closed sales so you can price your home competitively.
If you are a Franklin TN home buyer, be sure to have the assistance of a Buyer's Agent, even when purchasing new construction. A Buyer's Agent will provide you with a Competitive Market Analysis and negotiate the best price for you. This service is provided at no cost to you. Buyer's Agents are paid by the listing brokerage company or new construction builder.
If you need assistance with Franklin TN homes for sale, contact
Tammie White at (615) 495-0752.