October 22, 2018
Franklin September 2018 sales show 11.4% appreciation
I’ve tabulated September 2018 sales stats and they show double digit year over year appreciation (just the second time this has happened in the last 12 months). Oddly, sales volume was notably lower (especially when you look at the 2 year time-frame). As of the time of writing there are 583 Active real estate listings in Franklin.
Here’s my breakdown of September home sales in Franklin, TN:
- Sales of Single family residences in Franklin were down 6.7% to 195 (vs. 209 in Sept 2017, 218 in 2016 and 178 in Sept 2015)
- The average home sold was 2,996 sq ft (vs. 2,995 sq ft in Sept 2017, 2,999 sq ft in 2016 and 2,912 in Sept 2015).
- Average sales price was $588,059 in 2018, strongly up from $527,516 in 2017 (an 11.5% year over year increase), which was in turn just slightly up from $524,694 in 2016 and way up from $451,859 in 2015.
- Adjusting to a square foot basis, sales prices increased 11.4% to $196.28 from $176.13 per sq ft in 2017, $174.96 per sq ft in 2016 and $155.17 in 2015.
- Appreciation over the last 3 months comes in at 4.1%.
- Appreciation over the last 12 months averages 5.2%
- 30.8% of all sales were new construction
Last month I promised you a graph and so here it is….
This graph illustrates EXACTLY what we’ve been seeing in the Franklin housing market. The orange line (2018’s data) remains between the 4% and 6% levels of appreciation but below the pace set in both 2017 (the blue line) and 2016 (the gray line). Again – we are NOT seeing DEPRECIATION but what we are seeing is less aggressive APPRECIATION. In the real world this means we are seeing more price reductions in a week than we have done in a long time – those that have been testing the market are finding that they are failing the test!
While i do find this month’s data pretty compelling (in large part due to the similarity of the average home size between 2017 and 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.
Simon Hartland, REALTOR, TN License #273237
EXP Realty – TN License #: 262943
3200 West End Avenue Suite 500
Nashville, TN 37203