Housing Strategy | ENVISION FRANKLIN 25 MEASURES OF MARKET DEMAND Rapidly rising home prices and rents are signs of a tight housing market. Additional indicators include days on market for for-sale homes, and vacancy rates for rental units. Days on Market Despite some cooling of the housing market from 2022 to 2023, Franklin remains a seller’s market for homebuyers, with more buyers than there are available homes on the market. Where homes in Franklin were on the market for an average of only 6 days in June 2022, this figure was 25 days on market in June 2023. Total inventory in Franklin during these two periods were 674 units in June 2022 compared to 689 units in June 2023.x 73% of all homes on the market in Franklin in July 2023 sold in less than 30 days.xi Vacancy Rates Apartment vacancy rates in Franklin have been low at 4.3%, indicating continued demand for rental units.xii Median rent for all bedrooms and all property types in Franklin as of July 2023, was $2,881. This is a .5% decrease ($14) in average rent compared to the previous year.xiii SPATIAL MAP: EXISTING AND APPROVED MULTIFAMILY AND MIXED-USE PROJECTS Image Credit: City of Franklin
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