October 24, 2017
Franklin September 2017 sales show 0.7% appreciation
I’ve tabulated September 2017 sales stats and just as we had a surprise to the upside in July 2017 we have a surprise to the downside in September when the average Franklin home price appreciated 0.7% over the same period 12 months ago. Here’s my breakdown of home sales in Franklin, TN:
- Sales of Single family residences in Franklin were down slightly to 209 (vs. 218 in Sept 2016 and 178 in Sept 2015)
- The average home sold was 2,995 sq ft (vs. 2,999 sq ft in 2016 and 2,912 in Sept 2015).
- Average sales price was $527,516 in 2017, just slightly up from $524,694 in 2016 (a 0.5% year over year increase) and way up from $451,859 in 2015.
- Adjusting to a square foot basis, sales prices increased 0.7% to $176.13 per sq ft from $174.96 per sq ft in 2016 and $155.17 in 2015.
- DEPRECIATION over the last 3 months comes in at 2.3%.
Another one of those, “What’s going on here” months? Looking back, it turns out that September 2016 was the month that registered the highest year over year price increase in 2016 (12.8%). Only 4 other months since Jan 2014 experienced higher and of the 3 months that I have year over year data for, the following year the average appreciation was 1.67%. In other words, the blip was leveled out the following year (Take note that we might now expect to see a low appreciation number for July 2018).
Each month I stress that looking at the complete picture of home values is key to accurate market pricing. There’s only one way to know exactly what your home is worth – by performing an analysis that is specific to your home – not the whole town.
I know the Franklin real estate market and use that to the advantage of my clients, be they buyers or sellers, to maximize their position in any given transaction. If you need a Franklin real estate agent, let’s talk. As always you’re welcome to get accurate and up to date information at my website, the creatively named SimonHartland.com, comment on this post, email or call me safe in the knowledge that you’ll be getting the RIGHT information from a Franklin real estate expert.