Massachusetts Home Buyer Guide

The median price of a single-family home in Franklin, Massachusetts rose in June and has risen through the first half of the year, according to data compiled by the Massachusetts Association of Realtors. 

The median price of a house increased to $430,260 in June, an increase of 22.9 percent compared to $350,000 in June 2013. Through the first six months of the year, the median price increased 13.7 percent to $424,500. The median price during the same period in 2013 was $373,500. On average, home buyers paid 98.2 percent of the original list price through the first half of the year.There were 44 single-family homes sold in June, a 25.7 percent increase from the 35 houses sold in June 2013; however, single-family sales declined 26.3 percent from January through June. There were 133 houses sold during the first six months of 2013, but only 98 during the same period this year. 

Oddly, condominium prices in Franklin, MA decreased just as dramatically as prices for single-family houses increased. 

The median price of a condo was $251,450 in June, a 22.3 percent decline from $323,500 in June 2013. Through June, the median condo price was $230,000, down 16.4 percent compared to $275,000 from January through June 2013. Condominium buyers paid, on average, 98.1 percent of the original list price through the first six months of the year. 

With prices on the rise for single-family homes, homeowners were willing to sell. Single-family inventory increased 30.2 percent in June. There were 69 homes on the real estate market, up from 53 houses in June 2013. The months of available inventory increased 51.2 percent from 2.3 months to 3.5 months. New home listings in June increased 13.2 percent to 43 houses available.

On the other hand, condominium inventory plummeted 55 percent to 27 available units (60 units in June 2013). The months of supply declined 68.9 percent from 7.8 months to 2.4 months. The condo inventory situation in Franklin may improve in coming months. There were 19 new condo listings in June, an increase of 111.1 percent. 

The average number of days on the market declined 11.5 percent for single-family homes and 24.3 percent for condominiums in June.