Franklin County, Massachusetts, has experienced a significant decrease in the number of homes entering the market from January 2022 to May 2022 compared to the same period in 2023. However, despite this decline, the median sale price initially felt the effects of rate hikes in 2023 but quickly bounced back from February onwards, stabilizing in recent months.

This trend is not unique to Franklin County but is part of a larger housing supply shortage across the state of Massachusetts. With a shortage of approximately 200,000 housing units, the imbalance between supply and demand is driving home prices upward. Until this housing supply problem is adequately addressed, home prices are likely to continue rising.

For homeowners in Franklin County, the lower inventory translates to less competition in the market. This presents a unique opportunity for consumers who enlist the services of local, experienced professionals. These professionals possess the expertise and skills necessary to showcase homes in the best possible light. Sellers who purchased their properties after the housing crash of 2008 can now benefit from the chance to trade up, often realizing exceptional returns on their real estate investments. With fewer homes available, more buyers are likely to submit offers, making it crucial for consumers to work with a professional who can guide them through the complexities of a real estate contract.

For buyers in Franklin County, the housing supply shortage adds to the challenges they face. It is essential to be prepared and equipped with a knowledgeable local agent who understands the nuances of the market. This is particularly important in navigating bidding wars, as buyers must be proactive and ready to make competitive offers. Sellers are less likely to wait, emphasizing the need for buyers to be pre-approved and prepared.

Looking at the housing statistics for Franklin County, we can observe the changes in inventory and median sale prices. Comparing last year (2022) to this year (2023), the number of homes listed for sale has decreased consistently each month. Additionally, the median sale price experienced a temporary decline due to the rate hikes but quickly rebounded from February 2023 onwards, stabilizing at a higher value.

In summary, Franklin County's real estate market is influenced by the broader housing supply shortage across Massachusetts. While the rate hikes had an initial impact on median sale prices, they quickly rebounded, and home prices are expected to continue rising until the housing supply problem is adequately addressed. Homeowners can benefit from less competition in the market, while buyers need to be prepared and work with experienced professionals to navigate the challenges posed by the housing shortage. By staying informed about the current trends and partnering with knowledgeable agents, both sellers and buyers can make the most of the real estate opportunities in Franklin County.

All information for this post pulled from MAR