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Realty One Group Music City – Realtor, Elizabeth Leanza
What the Franklin, Tennessee Real Estate Market is Looking Like CurrentlyFranklin, TN real estate is an important and interesting subject to be talking about right now. As you likely know, the past few months of 2020 have been a bit abnormal thanks to the global pandemic of COVID-19. The changes that went into effect because of the pandemic have had an impact on nearly everything, including the real estate market. While important for our health and safety, the measures taken to help prevent the spread of the virus have had a big impact on the economy, and many large and small businesses. So, you may be wondering, what about the real estate market? What is real estate in Franklin, Tennessee looking like right now? Is now a good time to buy or sell a home? For answers to all of these questions and more, keep reading!
The Response of Franklin, Tennessee to the PandemicWhen the COVID-19 health crisis was first declared a pandemic in March of this year, the officials in Tennessee jumped into action by issuing executive orders advising residents to stay at home. Most businesses shut their doors to the public, many employees started working from home, and unfortunately many others lost their jobs. Across the country, many states have been lifting or revising stay at home orders in order to reopen their economies. Tennessee is no exception, as the state has recently started to reopen. Executive orders have been put into place authorizing many businesses to open their doors to the public once again and allowing many more Tennesseans to return to work safely.
How was Franklin, Tennessee real estate impacted by COVID-19?The Franklin, TN real estate market did slow down a bit during the height of the pandemic. Because of stay at home orders, the overall fear of spreading the virus, and the increase in unemployment, many people became wary of buying and selling homes. Many sellers worried about having people walking through their homes, so most open houses were canceled. Also, some families were faced with additional economic hardships due to unemployment and had to reconsider moving. This was also the case for many buyers, as many found that they could no longer afford to purchase a home, or simply wanted to wait until everything stabilized more before continuing their home search. The online news source Tennessean.com released a few articles about the state of the real estate market in Tennessee during the pandemic. They wrote that there was a bit of unpredictability in the market regarding how quickly or slowly homes were selling. Some sales were going through at lightning speed, with a couple of buyers even purchasing a home all within a few hours of it being put on the market. Other homes were staying on the market a bit longer than usual during the pandemic, likely due to the lack of showings. However, even during the height of the health crisis, homes were still being sold.
The Resiliency of the Tennessee Real Estate Market
Overall, there was a pause in both buying and selling for a while throughout the United States. However, the market did not take as big of a hit as some predicted.
Although the economy and the stock market experienced a steep decline, the housing market was not impacted in the same way. In general, housing can remain quite stable, even during big economic shifts in the country. This is because regardless of what is happening to the economy, most people still need to buy and sell homes.
There are newlyweds looking for their starter homes, empty nesters needing to downsize after the kids move out, and growing families needing a bigger home for more space.
Regardless of what is happening with the economy, housing is a basic need, and many must still purchase homes to fit their changing situations. Because of this, although the pandemic certainly slowed down some home sales for a while and made the process a little more difficult for some, overall, there hasn’t been that drastic of a change. And as of right now, things are definitely looking up in Tennessee.
Is now a good time to buy or sell real estate in Franklin, TN?
This is all great news for anyone looking to buy a home in Franklin, Tennessee! Also, sellers are finding a lot of success after putting their home up on the market as well.
Whether you are looking to move to Franklin, TN, or you’re hoping to sell your home in the Franklin area, at the current moment, you’re in luck. Both buyers and sellers are finding a lot of success, especially if they’re enlisting the help of a real estate agent.
The market is currently seen as “somewhat competitive” according to Franklin Tn Realtors. Some homes are getting multiple offers, and hot homes are selling for around list price in an average of 24 days.
However, there are also many homes selling for about 1% below list price. Many buyers are expecting lower prices during these times, so some sellers are reducing their prices slightly. Of course, this varies greatly depending on the area and the home type, but some buyers may be scoring some good deals during the current market.
Changes to Buying and Selling Homes in Franklin, Tennessee
The biggest changes to real estate in Franklin Tennessee Real Estate, and really throughout the country, are simply to the ways homes are being toured. Nowadays, open houses must be held a bit more strategically to ensure social distancing. Hand washing or hand sanitizer stations are being set up, specific times are being arranged for different groups of buyers, and more.
Also, many sellers are utilizing virtual video tours to show off their properties. If you’re selling your home, you can work with a real estate agent to come up with the best plan for letting buyers tour it. As a Franklin Tn Realtor I have always done video tours and walkthroughs of my listings for my sellers as It really helps the buyer visualize the home and will get them excited prior to seeing it in person. You Can learn more about my services On my Listing Agent page
Although there may be a few changes that you should be aware of when it comes to open houses and home tours, the overall experience isn’t too different. Most are finding that the home buying or selling process is able to carry on just as it did before.
There are lots of great homes on the market right now, scroll through this page to see hundreds of beautiful Franklin TN homes for Sale.
If you’re looking to buy a home in Franklin, or you want to list your home on the market, give me a call today at 615-490-4953!
A Little About Franklin Tn
The Franklin housing market is wonderful and abounding with everything from spacious single family estates and large equestrian properties to modest new building homes and revitalized historic houses. A number of the newer Franklin neighborhoods and communities in this historically important town are exploding at the seams with lavish amenities that are certain to please. And with easy access to Historic Franklin Square, Cool Springs, Brentwood, and Nashville the retail food and shopping cuisine of varieties the opportunities for residents and home buyers for amusement and leisure are really limitless. All these terrific aspects are that which adds up to creating Franklin TN into a extremely desirable place to live and buy that perfect home on the market. Franklin is one of the most sought-after areas to live and buy a home in the Nashville metro region. With over 74,000 residents as of 2016. Many people and potential home buyers who visit Nashville eventually migrate to Franklin because they love the community that exists there and also the features of this town.
The home market is the choice for many country stars, celebrities and others that wish to get away from all of it, and you’ll be able to discover a great deal of rural regions there. Additionally, there are many homes for sale and listed for sale for the size of town. A home buyer can discover townhouses and condominiums starting at about $180,000 in Franklin and the beginning price for single family units when you exclude foreclosures and auctions is roughly $250,000. Franklin is a great area to live in and even though there is need for some of the homes there, there are still some fantastic areas available that are completely affordable. The selection of condos and townhouses is somewhat limited in comparison to other regions however. Franklin features several historic buildings and houses for sale that provide the downtown Franklin area and home market that Old World charm and grace Franklin residents and prospective new home buyers know and love. In fact, it’s the rich history and diverse sense of this city which draws many to search for new homes in the Franklin community and live here. There’s a feeling of attachment to the historic buildings as well as their Victorian architecture that gives rise to revitalization of this dynamic home market and the many late 19th and turn of the century constructions that grace these brick pavement lined streets.
Franklin TN’s well-rounded Williamson county school systems provide excellent educational opportunities for children of all ages and grades. In many cases, new and citizens homeowners will find they have the choice to choose between the 2 districts. This can be an attractive incentive for several prospective real estate buyers who may call Franklin TN home. The median purchase price for homes in Franklin, obtained from amounts gathered from 2016 was $391,000. The home costs rose around $10,000 when you look at the previous quarter for an increase of 2.9%. When you take a look at the numbers gathered the previous year, the house prices increased more than 11%. Give me a call today as your Franklin TN Realtor I would love to help you explore the benefits of Franklin TN, as well as help you find the home of your dreams!
All Statistics provided from City Data