Franklin Monthly Real Estate Recap: March 2024
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It's that time of year -- Spring is here and our Real Estate market is in full bloom. Sooooo full that we have more homes hitting the market nationwide than we've had in at least 2 years. Locally, it's popping like popcorn. I've noticed a significant increase in Buyer and Seller activity in my personal business.
Housingwire Data shows there are 24% more homes on the market nationwide this week than a year ago, and 102% more homes on the market than 2 years ago! In a typical market, where inventory weren't already so low, this would likely spell trouble.
Before anyone starts getting too excited or nervous, look at the lines above the red 2024 line in this graph. 2020, 2019, 2018 and 2017 still had significantly higher inventory.
Sure, homes were more affordable and mortgage interest rates were in the 3%-5% brackets back then. But what we are seeing right now, at the end of March 2024, is not only an increase in inventory, but also an increase in the sales rate. A growing number of homes are going Under Contract when they hit the market.
Local Differences
We all know by now that different markets perform differently, and it always seems like Williamson County out-performs the rest of the nation. Having said that, our story continues to be different than the national headlines.
We are not seeing as much Active Inventory in Williamson County as we saw the first three weeks in March 2023. I suspect a large reason for our difference is that Buyer demand here continues to outnumber Sellers hitting the market.
Year-to-year, let's compare closings and prices for our first 27 days of March:
- 2023: 284 Closings with a median sales price of $891,500
- 2024: 259 Closings with a median sales price of $955,000
Fewer Closings here locally this year is likely due to fewer listings, especially when you consider about a $64,000 increase in sales prices so far this month compared to the first 27 days of March 2023.
Across Williamson County
There are 8 different cities across Williamson County where most homes are grouped. Our most recent fully closed month is February, so let's compare each of these cities from February to February each year:
- Franklin 2024: 89 Closings, $1,048,350 Median Sales Price.
- 18% fewer Closings & 12% increase in Median Sales Price YTY
- Brentwood 2024: 30 Closings, $1,450 Median Sales Price.
- 6% more Closings & 3% increase in Median Sales Price YTY
- Spring Hill (Williamson Side) 2024: 28 Closings, $620,000
- 13% fewer Closings & 8% increase in Median Sales Price YTY
- Thompsons Station 2024: 18 Closings, $745,301 Median Sales Price.
- 31% fewer Closings & 10% decrease in Median Sales Price YTY
- Nolensville 2024: 18 Closings, $905,000 Median Sales Price.
- 22% fewer Closings & 17% increase in Median Sales Price YTY
- Fairview 2024: 15 Closings, $505,000 Median Sales Price.
- 40% more Closings & 4% decrease in Median Sales Price YTY
- Arrington 2024: 9 Closings, $1,488,750 Median Sales Price.
- 33% more Closings & 4% decrease in Median Sales Price YTY
- College Grove 2024: 7 Closings, $1,512,584 Median Sales Price.
- 22% fewer Closings & 30% increase in Median Sales Price YTY
Brentwood and Thompsons Station are interesting, bucking the trend a bit, with Brentwood having increases in both Closings and sales prices, though their sales price increase is the least among the other increases in the county.
Thompsons Station is lower all the way around which could point to a signal of weaker Buyer demand there than Sellers.
In just another week or so, March's numbers will be out -- and it'll be interesting to see how these numbers change or intensify with the added energy we've experienced in the market this month.
Getting in on the Action
It's not too late to catch the Spring market -- whether you're a Buyer or a Seller.
Right now, in most areas across the country, Buyers have more options of inventory than they've had since 2019.
At the same time, it's good to be a Seller, with many of our local cities sitting on the highest home values we've ever seen here.
As you can see from the difference in numbers above, it's hard telling how certain areas -- even right here in Williamson County-- will continue to perform. There could be an unexpected change in every area's strengths and weaknesses.
The real strength in our market is knowing what's happening and doing the best you can with the information you have. And these past few years, I've been really please by the outcomes for myself and my clients when buying and selling Real Estate when we operate with the bird in the hand and make decisions based on the circumstances we know.
I'm excited to see what this Spring does for those who are getting in on the action!
--- Visit Erika's Links ---
Thinking of moving? Need a plan tailored to your needs? I'd love to help you. I'm a Franklin resident and a Multi-Platinum Award-Winning Williamson County REALTOR ranking in the top 1.5% of agents locally. I am a top producer within Benchmark Realty, the largest brokerage in Tennessee and among the largest in the country. My continuing education includes several designations and my experience keeps me up-to-date with fast-changing market trends. I am a Million-Dollar GUILD Member of the Luxury Home Marketing Institute, my market insights are regularly featured in broadcast media, and my success planted me on the front page of a December 2021 Nashville-area Magazine. But most importantly, I specialize in helping my friends and neighbors buy and sell homes. Why look further when you've got a friend and neighbor who is among the best in the business!
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