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
$680,000
$269/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 $680,000 in May 2024, down 0.9% from last year, and the median price per square foot was $269.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $181.5K | $255K | +40.5% |
2 Bedrooms | $113.5K | $65.9K | -41.9% |
3 Bedrooms | $407.5K | $463.5K | +13.7% |
4 Bedrooms | $849.5K | $705K | -17.0% |
5+ Bedrooms | $1.4M | $1.4M | +2.6% |
Summary: Franklin Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 40.5%, 2 bedroom homes decreased by 41.9%, 3 bedroom homes increased by 13.7%, 4 bedroom homes decreased by 17%, and 5+ bedroom homes increased by 2.6%.
Median Sold Price Compared To Nearby Cities
Prudenville | $170K | $202.5K | +19.1% |
Roscommon Township | $168.6K | $182.2K | +8.1% |
Franklin Township | $686K | $680K | -0.9% |
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 |
---|---|---|
24 | 26 | +8.3% |
Summary: The Franklin Township real estate market had 26 homes for sale in May 2024, a 8.3% 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 | 0 | 1 | +100.0% |
3 Bedrooms | 10 | 13 | +30.0% |
4 Bedrooms | 12 | 10 | -16.7% |
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 100%, 3 bedroom homes increased by 30%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
8 | 9 | +12.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 9 homes were sold or pending in Franklin Township in May 2024, up by 12.5% month-over-month. Of the 9 sold homes, 44% were sold under asking, 22% were sold at asking, and 33% 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 |
---|---|---|
119 Days | 25 Days | -78.6% |
Summary: Homes in Franklin Township had an average of 25 days on market in May 2024, down by 78.6% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 9 homes were sold in Franklin Township; 78% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.