Are Franklin TN Home Prices Falling

I get this question a lot lately, are home prices starting to come down in Franklin. It’s a good question, and the data seems to indicate that it is happening, but very slowly.  Franklin home prices are still considerably higher than they were at this time last year with the median sales price up 16% year over year. However, the number of homes sold for July of 2021 was 260, compared to just 155 this year, a reduction of 41%.  For the first time in many months, we have more homes available to sell that we sold in the previous month. Usually when this happens we start to see price reductions and competition for buyers instead of multiple offers for every home. The reason for the change is much higher interest rates compared to last year. The Federal Reserve Bank has decided that we need a recession to cool down the prices, and that is what we have.

• • 155 Franklin TN homes sold in the month of July compared to 260 for July of 2021
  • The median sales price for homes sold was $815,000 compared to $700,000 for the same month last year and $830,000 for June of this year
  • the average price per square foot was $318 compared to $258 for July of 2021 and $$320 for June of this year
  • 392 Franklin homes are currently listed in the Nashville MLS as available for purchase
  • 315 Franklin homes are under contract at this time, many of these are new construction waiting for completion

Search for Franklin TN homes for sale here

Search for Franklin TN homes for sale here – information on this page is based on information on single family homes for sale in Franklin per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed. View the top Franklin neighborhoods here.