Franklin, Tennessee Real Estate: A 5-Year Market Transformation

(2021–2025 Analysis)

If you own a home in Franklin — or want to — the next three minutes of reading could change how you think about opportunity here.

Franklin didn’t just appreciate over the past five years — it reinvented itself. What was once considered a high-end, upper-middle-class market has quietly crossed into true luxury territory, reshaping what buyers expect and what sellers can achieve. From 2021 through 2025, prices climbed, inventory shifted upward into the million-dollar range, and buyer behavior changed dramatically. In short — Franklin is not the same market it was five years ago, and the numbers prove it.

If you live in Franklin, are thinking about selling, or are planning to buy — especially in the $1M+ range — this report gives you the real story behind the headlines.

Franklin at-a-Glance: The Market in One View

The headline: Franklin’s median price increased roughly 37% in five years, and bidding wars cooled into a negotiation-driven market. Sellers must price their homes correctly, there is no more, "testing the market" if a seller has any desire to sell. Also, homes no longer vanish in 24 hours — but they do sell for much more than they did half a decade ago.

Segment Breakdown: Which Price Bands Shifted the Most?

To understand the real market story, we have to break Franklin down by price tier — because not every segment behaved the same.

Under $500k: The Dissapearance of the sub-$500k House. This is the Price Point That Disappeared

In 2021, there were nearly 300 closings under $500k. By 2025? We’re barely seeing 45 per year. Prices stayed relatively flat — but availability evaporated. This is no longer Franklin’s standard entry point. First-time buyers, downsizers, and affordability-focused shoppers have been pushed outward to Thompsons Station, Spring Hill, Nolensville, Columbia, and beyond.

Key Point: Franklin didn’t get cheaper — it got more exclusive.

The New Entry to Franklin, Tennessee. This is the Modern Day Middle of the Market

Five years ago, the $500k to $999K home was the move-up home luxury bracket. Today, it represents the core of Franklin’s market.

• Median pricing increased modestly year over year

• Buyers now negotiate instead of fight bidding wars

• Days on Market climbed from ~2 days → ~10+

It’s still a very competitive price band — but strategic buyers now have space to breathe, inspect, and negotiate. This is the sweet spot for move-up homeowners.

Sell high → Buy with leverage → Win on both sides.

$1M–$5M: The Franklin, Tennessee Luxury Price Point Now Becomes the Majority

This is the biggest structural shift in the entire market. In 2021, 1 in 4 Franklin homes sold for over $1,000,000. Compare that to today's market, 1 in 2 Franklin homes sell for over $1,000,000. Luxury is now mainstream Franklin real estate.

But with that transition came a behavioral shift: In 2021, you could expect robust bidding wars on just about every listed propery. Getting homes under contract was the name of the game as usually, homes only stayed on the market through the weekend. Buyer's made over-asking offers and sometimes more than one offer at a time. They would get the home under contract, usually with escalation clauses, but many times used the contingencies to jump out of contracts if anything, and I mean anything, was possibly, or had to the potential in the future, to possibly be wrong with the house. Buyers, sellers, and agents alike felt the frustration. 

Let me stress this - THIS IS NOT 2021, 2022, or 2023. Even in Franklin, this is NOT the same real estate market. As a buyer or seller, you have to adjust your strategy.

In 2025, and I would think carrying over to the first warm stretch of 2026, as a seller you can expect hard negotiation from buyers. As a Franklin seller, you can also expect your home to be on the market a little longer than the wild west real estate market of 2021. Homes in the current market will be on the market for fifteen days or longer, on average. Be patient. It's going to take a bit longer. And unlike 2021, where pricing strategy had no bearing on views, showings, and offers, in today's market homes ARE NOT selling for over-askiing price like they did in 2021. For comparison's sake, in 2021 the average sales price was +3% over listing price, while today's market homes are selling for -2% of listing price of accurately priced homes. This price band is strong — but success now depends on correct pricing, better than average presentation, including staging, and targeted marketing. Luxury buyers are willing to buy and move, but they expect a "deal" and they are more patient than they have been at any point in the past 5 years.

Top takeaway:
$1M+ is no longer the exception — it’s the baseline for Franklin real estate. Buyers are still wanting to move to Franklin, but aren't going to overpay.

Ultra-Luxury ($5M+): Smaller Market, Bigger Momentum

This segment is growing quietly but meaningfully.

• ~10–16 closings annually

• Median DOM ~50+ days

• Sale-to-list variance is wide (4–11% below ask)

Buyers in this price band exist and are coming to Middle Tennessee — they are often relocation-driven from states like California, Illinois, New York, and New Jersey; they are cash-strong and lifestyle-motivated. Here's something to keep in mind if you own an Ultra-Luxury priced home in Franklin, the buyers relocating to this area are moving deliberately, not emotionally. They are combing through every home in the market in their price range with a fine tooth comb and are unlikely to make the move accross the country until they are completely satisfied with their choice.

The listings in this price point require professional representation, precise pricing and positioning strategy, maybe privacy-minded marketing to keep the sellers out of the news, and in the modern real estate world, global visibility. In the Ulte-Luxury market, you now need representation that has the tools, resources and network to put your home in front of buyers all over the world, not just in the local Multiple Listing Service. 

What This Means for Homeowners in Franklin

If you're a current Franklin homeowner and bought prior to 2021, you’re likely sitting on significant equity. Even with with higher interest rates and in a buyer's market with sometimes slower buyer movement, the ultimate net cash position for a significant number of Franklin homeowners is postive. Pricing power is strong and values remain historically high. I don't forsee Franklin prices softening to the point that many real estate market naysayers and doomsday predictors seem to believe is inevitable. Don't believe everything you hear. 

Selling today is less about timing — and more about strategy. Strategy is everything in this market. This is the market where you need to be represented by a professional who can understand you and your family's wants and needs, demonstrate their knowledge of the market and accurate pricing strategies, clearly articulate their marketing strategy both locally but nationally and in some cases, internationally, and also be able to clearly articulate their professional value. Gone are the days where you hire your sister, cousin, or friend beause they have a license. Hire a pro. You most likely will avoid frustration, time on the market and an expired listing. 
Bottom Line: Do your research on the agent you hire. Trust them to give you accurate information. Trust them with the process. Trust the reccomendations and get ready to move!

The right listing approach can capture top-end value even in a slower-moving environment.

Want to enjoy the good life? What This Means for Franklin, Tennessee Home Buyers

You finally have negotiating leverage again. Instead of fighting 8–12 offers in 48 hours, you can now:

✔ inspect carefully
✔ negotiate price or repairs
✔ structure favorable terms
✔ explore more homes at higher tiers

Especially for move-up buyers — this may be the most advantageous market in years.

What This Means for Franklin’s Future

Franklin is no longer an emerging luxury market. It IS one of Tennessee's strongest and most sought after luxury markets — The Franklin market is extremely stable. The area is highly desirable, and like the national interest in living in Franklin, "America's Favorite Small Town", home values are and will continue to climb.

The next five years won’t be defined by affordability — but by positioning. Where you land depends on how strategically you act inside these new realities.

Want the Full Report, Graphs, & Price-Band Forecast?

I built this analysis not just to inform — but to empower.
If you'd like:

• Price projections
• Neighborhood-by-neighborhood ROI performance
• A custom valuation of your property
• A move-up or downsize plan using real math

Just reach out below:

➡️ Request My Franklin Market Report
➡️ Schedule a 1:1 Strategy Session
➡️ Ask for Your Current Estimated Home Value

No hype. No pressure. Just true numbers and empowered decisions.

This is Franklin today. A million-dollar market with luxury fundamentals and long-term momentum.

Where will you position yourself?

written by Aaron Dwyer - Broker / Team Lead Dwyer GroupRE brokered by eXp Realty