Franklin Twp (Somerset County) Market Update

Franklin Township Real Estate Market Update 2024: What Buyers and Sellers Should Know

Franklin Twp in Somerset County includes East Millstone, Franklin Park, Griggstown, Middlebush, Somerset, Zarephath, & portions of Kingston & Little Rocky Hill. The real estate market in Franklin Township, Somerset County, is seeing some changes this year, and understanding these trends can help you make better decisions, whether you’re looking to buy or sell. Here’s a simple breakdown of what’s happening and what it might mean for you.

1. Fewer Homes for Sale, but Prices are Up

• Fewer Listings: The number of new homes coming onto the market has dropped by about 9.5% compared to last year. This means there are fewer choices for buyers, which can create more competition for available homes.
• Higher Prices: Home prices are on the rise. The median sale price in Franklin Township has increased to $610,000—up 16.2% from last year. This price growth indicates that demand for homes in the area is strong.

Takeaway: If you’re thinking about selling, this could be a great time to do so because prices are high. For buyers, be prepared for some competition and potentially higher prices.

2. Homes are Selling Quickly

• Days on Market: Homes are spending less time on the market than last year, now averaging around 31 days from listing to sale. This shows that buyers are eager to make purchases, which keeps the market moving quickly.

Takeaway: For sellers, this means you may be able to sell your home faster than in the past. Buyers, however, might need to move quickly on offers to avoid missing out.

3. Sellers are Getting Over Asking Price

• List Price Received: Sellers in Franklin Township are receiving about 105.1% of their asking prices, meaning many homes are selling above list price. This trend shows that there is strong interest in the area, with multiple buyers competing for homes.

Takeaway: For buyers, be prepared to bid slightly over the asking price if you find a home you love. Sellers can expect to receive solid offers, often at or above their asking price.

4. Inventory is Tight, but Stabilizing

• Inventory and Supply: The inventory of homes for sale has stayed fairly steady, with a slight decrease in available homes. However, the months’ supply—the time it would take to sell all homes currently on the market—has risen to 2.7 months. This indicates a bit more stability compared to last year’s low levels, though the market still favors sellers.

Takeaway: For sellers, this limited inventory can work in your favor, keeping demand high. Buyers may have slightly more options than in previous years, but the market is still competitive.

Final Thoughts for Buyers and Sellers

The Franklin Township real estate market remains competitive, with high prices and limited inventory. If you’re selling, it’s a great time to capitalize on strong demand and favorable pricing. For buyers, while the market is competitive, staying prepared and moving quickly can help you secure a great home in this desirable area.

Understanding these trends can help you navigate the Franklin Township market and make the best choices for your real estate needs.