The median home-sale price in Franklin is up more than 22- percent from this time last year. That number comes from the latest RE/MAX Report for the greater Nashville area.
“I would point to two things for the reason why this glaring statistic jumps out is because Franklin is really a growth corridor. The entitlements have caught up to demand quite a bit. It takes a while to get new neighborhoods on track and going vertical as we call it in the construction world. So, I think the effects of that are there. As far locations, you know communities that slowed down a little but were already there during our downturn in 2009, 10, 11, like West Haven and Berry Farms that are really going strong, and those new construction price per square foot are in entry-level in the mid to high $400,000s and most of the product is in the $500,000s, said Jeff Checko with Re/Max Advantage.
Checko said that February 2018 to February 2019 numbers were up about 16-percent.
So, the median price of a home in Franklin now sits at about $520,000, and he believes that will remain steady for some time.
He said, “The news of Fed not planning to raise short-term rates for the foreseeable future had an immediate impact on mortgage rates ticking down a little bit from this time last year. Mortgage rates are down slightly. I think the average rate right now is about 4.25 to 4.375% for a 30 year, whereas last year was about 4.5% at this time so I think that will certainly help with maintaining values. We all kind of had projected that to continue to go up this year but that doesn’t seem to be the case.”
And the homes are selling pretty quickly.