Is Franklin Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Franklin Township has remained a Seller's Market.
Housing Prices in Franklin Township, MI
How much do homes in Franklin Township, MI cost?
Median Sold Price
$560,000
$256/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Franklin Township was $560,000 in May 2024, up 22.4% from last year, and the median price per square foot was $256.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $135.3K | - | N/A |
2 Bedrooms | $360K | $264.4K | -26.5% |
3 Bedrooms | $360K | $418.5K | +16.3% |
4 Bedrooms | $577.4K | $650K | +12.6% |
5+ Bedrooms | $875K | $950.5K | +8.6% |
Summary: Franklin Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 26.5%, 3 bedroom homes increased by 16.3%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes increased by 8.6%.
Median Sold Price Compared To Nearby Cities
Franklin Township | $457.5K | $560K | +22.4% |
Manchester Township | $285K | $312.5K | +9.6% |
Tecumseh Township | $239K | $257K | +7.5% |
Tipton | $310.2K | $318.5K | +2.7% |
Clinton Township | $257.5K | $232.5K | -9.7% |
Housing Supply in Franklin Township, MI
How many homes are available in Franklin Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
33 | 37 | +12.1% |
Summary: The Franklin Township real estate market had 37 homes for sale in May 2024, a 12.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 1 | 6 | +500.0% |
3 Bedrooms | 13 | 17 | +30.8% |
4 Bedrooms | 17 | 12 | -29.4% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Franklin Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 500%, 3 bedroom homes increased by 30.8%, 4 bedroom homes decreased by 29.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
13 | 11 | -15.4% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in Franklin Township in May 2024, down by 15.4% month-over-month. Of the 11 sold homes, 45% were sold under asking, 27% were sold at asking, and 27% were sold over asking.
Days on Market for Franklin Township, MI
How long does it take to sell a home in Franklin Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
102 Days | 50 Days | -51.2% |
Summary: Homes in Franklin Township had an average of 50 days on market in May 2024, down by 51.2% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 11 homes were sold in Franklin Township; 64% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.