Is Franklin, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Franklin has remained a Seller's Market.
Key Takeaway
Franklin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Franklin, MA
How much do homes in Franklin, MA cost?
Median Sold Price
$640,000
$307/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Franklin have sold for 9.9% more than they did a year ago.
Summary: The median home sold price in Franklin was $640,000 in May 2024, up 9.9% from last year, and the median price per square foot was $307.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $178K | $220K | +23.6% |
| 2 Bedrooms | $380K | $400K | +5.3% |
| 3 Bedrooms | $524.9K | $594.9K | +13.3% |
| 4 Bedrooms | $785K | $780K | -0.6% |
| 5+ Bedrooms | $777K | $875K | +12.6% |
Summary: Franklin housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.6%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 13.3%, 4 bedroom homes decreased by 0.6%, and 5+ bedroom homes increased by 12.6%.
Median Sold Price Compared To Nearby Cities
| Medway | $582.5K | $689K | +18.3% |
| Bellingham | $441K | $489.9K | +11.1% |
| Franklin | $582.3K | $640K | +9.9% |
| Franklin Town | $582.3K | $640K | +9.9% |
| Norfolk | $710K | $750K | +5.6% |
Housing Supply in Franklin, MA
How many homes are available in Franklin, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 76 | 97 | +27.6% |
Summary: The Franklin real estate market had 97 homes for sale in May 2024, a 27.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 23 | 23 | 0.0% |
| 3 Bedrooms | 13 | 18 | +38.5% |
| 4 Bedrooms | 31 | 42 | +35.5% |
| 5+ Bedrooms | 8 | 13 | +62.5% |
Summary: The Franklin housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 38.5%, 4 bedroom homes increased by 35.5%, and 5+ bedroom homes increased by 62.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 21 | 26 | +23.8% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Franklin, you could pay more than the asking price. 84.6% of homes here sold above asking price last month.
Summary: A total of 26 homes were sold or pending in Franklin in May 2024, up by 23.8% month-over-month. Of the 26 sold homes, 8% were sold under asking, 8% were sold at asking, and 85% were sold over asking.
Days on Market for Franklin, MA
How long does it take to sell a home in Franklin, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 18 Days | +1.6% |
Summary: Homes in Franklin had an average of 18 days on market in May 2024, up by 1.6% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Franklin are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 26 homes were sold in Franklin; 85% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
