The Franklin, TN real estate market is currently characterized as a balanced, stabilizing environment where median home prices are hovering around $850,000. Although the frenetic pace of the early 2020s has cooled, home values have appreciated by approximately 7.7% year-over-year, and luxury developments and mixed-use projects continue to expand the city’s high-end portfolio.
Current Market Statistics
Median Home Price: $850,000
Days on Market: Roughly 68 days on average, indicating a shift from a hyper-speed market to one that affords buyers more time to make decisions.
Market Status: Generally considered a “balanced” market where supply and demand are roughly equal, meaning massive bidding wars are less common but sellers are still receiving a high percentage of their asking prices.
Rental Market: The average rent sits around $2,055, maintaining steady month-over-month growth.
Growth Drivers:
Relocations: The area remains a magnet for out-of-state buyers (particularly from higher cost coastal states) due to Tennessee’s lack of a state income tax.
Constrained Inventory: Strict zoning laws and limited land availability prevent overbuilding, helping to protect property values.
Notable Trends:
The Luxury Boom: Exclusive gated communities like Laurel Brooke continue to anchor the luxury market, with estates regularly commanding between $2-7million.
New Development: Substantial residential and commercial growth is shifting the landscape of neighborhoods like Berry Farms and Westhaven, with mixed-use spaces continually adding to local walkability and convenience.
This sweet town attracts because of the character and culture of the communities more than anything else. It’s truly a wholesome “southern town” feel – where people get a taste of a simpler time. That’s not going out of style any time soon!