Franklin, TN housing market stats:
October 2014

153 Franklin, TN homes sold in October 2014.

406 homes are also under contract as of today .

Median sales prices are up a little over 1% from October of last year (they are up 2% after 10 months in 2014).

How is the market? It’s appreciating with only 2.6 months of available homes (4–6 months is considered normal or balanced, less than 90 days is a Seller’s market, and more than 8 months is a Buyer’s market). We have had a similar level of inventory almost the entire year.

What does that mean?

If you are buying a home: Particularly under the median home price, you need to be careful. It’s going to be quick decisions, so prepare yourself ahead of time. Know the neighborhood sales data; and the surrounding area. Discuss what you want in a home *after* doing some research online to see what is out there for you in your target price range. Understand what you are willing to spend on that-house-you-love *before* you even begin negotiations (due to the recent sales, your search timing, and your overall criteria). It will allow you to make a better decision in the end.

If you are selling you home: This is a powerful opportunity, but it’s also one you have to take advantage of correctly if you're buying your next home with the proceeds of this sale. Pay close attention to the asking prices that brought the highest sales in your area (not just your subdivision, not just the sales prices). If your home is in great shape, push the market price. Ask for more. If it’s not in good condition, visit 3–4 competing homes and see if you can make some improvements to “come close” or if a lower price is a smarter number’s game for your bottom-line.

General data stuff to keep an eye on:
The number of homes sold in the month of October are down 14% from last October and 15% from last month (September 2014). Still, these seasonal drops (from September home sales versus October home sales), have varied quite a bit over the past few years; +6% 2013, -11%2012, -5% 2011, -10% in 2010. Something to watch (as most other indicators seem to be of improvement alone).

With two more months to go in 2014, it'll be interesting to see if we sell more homes than last year or not…

Would you like to receive the housing Market Update for Franklin, TN and for your specific neighborhood?
TEXT (615)714–7918 or e-mail KevinPellatiro@gmail.com

Kevin Pellatiro, Realtor | Benchmark Realty LLC | office (615) 371–1544