The Best Value Properties in Franklin, TN
• • ☕️ 4 min read • By Noah Blumberg •
Franklin, TN, a suburb of Nashville, has been called one of the best places to live in the U.S. for 2021. Nearby Hendersonville has also made this list recently which points to the fact that there is generally a lot of interest and real estate speculation in the Nashville area. About Nashville, Norada Real Estate Investments says, "Even if you're purchasing today at what you consider to be inflated prices, a new price high is likely to emerge in the coming years."
The Properties
You can get a lot of land for the money in Franklin. The average lot on our list has an astounding 357,273 square feet which equates to 8.2 acres! That's a ton of space. The average property price is also a bit astounding unfortunately: $2,372,252. Of course for both metrics, the average values are pulled way up by several large and expensive properties on the high end.
Buying an "as-is" or "needs work" property presents a big challenge and a possibly a big opportunity. Our ranking tool has put an "as-is" property in the #1 position for obvious reasons. The price is below market for the 15 acres and home that you're getting. So if you're inclined to renovate, you could have a solid investment at a low price. There are great advantages and challenges to buying a real estate property like this. You can make money if you put competent work into the property if you sell at the right time. There's also the advantage of being able to choose the changes, whether they be finishes or full-fledged construction. When you renovate or "rehab" a property, you may be able to take advantage of unique financing via 203(K) Rehab Mortgage Insurance.
If you're looking for something more move-in ready but still affordable, the #4 property is a great value. You still get a nice-sized half-acre lot and a very large 4000+ square foot home at well under a million dollars.
The Nashville Area on the Rise
The relatively low prices and growing earning potential for residents are drawing people. However, new residents from out of state are flocking to the Nashville area which is driving prices up. Nashville suburb Murfreesboro was the #1 Boomtown for 2021, according to SmartAsset, because of its growing population, new housing, and growing wages. The top industries in the area are "Health Care Management, Automobile Production, Finance, Higher Education, Insurance, Music Production, Printing & Publishing, Technology Manufacturing, and Tourism."
Reading Resources
- Money's Best Places to Live for 2021: Franklin
- Nashville Business Journal: Nashville remains the fastest-selling housing market in the US
- Norada Real Estate looks at the Nashville real estate market
- Land Century: 5 Advantages of Purchasing Houses In Need Of Renovation
- Department of Housing and Urban Development: 203(K) Rehab Mortgage Insurance
- WSMV: Music City continues to see boom in out-of-state residents
- Smartasset's Top Boomtowns in America – 2021 Edition
| Median List Price | Median Sqft | Median Lot Size(SqFt) | Median HOA Fee |
|---|---|---|---|
| $1,175,000 | 2,543 | 24,829 | $190 |
| Score** | Property | ZipX** | Type | Beds | SqFt | Lot Size(sqft) | Price |
|---|---|---|---|---|---|---|---|
| 29.28 | 3854 New Highway 96 W | 1.00 | single family | 3 | 1050 | 653,400 | $748,000 |
| 26.54 | 5795 S Lick Creek Rd | 1.00 | single family | 3 | 3674 | 1,270,645 | $1,999,500 |
| 19.50 | 4655 Murfreesboro Rd | 1.06 | single family | 3 | 944 | 130,680 | $299,900 |
| 15.72 | 400 Logans Cir | 1.06 | single family | 5 | 4129 | 20,909 | $729,000 |
| 13.67 | 6011 Garrison Springs Rd | 1.00 | single family | 5 | 3557 | 3,397,680 | $5,495,000 |
| 13.64 | 5472 Pinewood Rd | 1.00 | single family | 3 | 1872 | 1,533,312 | $2,800,000 |
| 13.54 | 5190 Old Harding Rd | 1.00 | single family | 8 | 25600 | 2,630,153 | $8,500,000 |
| 12.08 | 475 Franklin Rd | 1.05 | single family | 3 | 2022 | 217,800 | $895,000 |
| 11.84 | 1858 Wilson Pike | 1.06 | single family | 4 | 4710 | 318,859 | $2,000,000 |
| 10.97 | 3976 E McEwen Dr | 1.06 | single family | 4 | 3123 | 164,221 | $1,200,000 |
| 9.74 | 417 Forrest St | 1.00 | multi family | 3 | 1500 | 9,750 | $325,000 |
| 9.03 | 7501 Ivorybill Ln | 1.00 | single family | 5 | 5225 | 304,920 | $2,500,000 |
| 8.69 | 4996 Green Herron Ln | 1.00 | single family | 4 | 4190 | 218,671 | $2,099,950 |
| 8.57 | 4430 Buchanan Ln | 1.00 | single family | 5 | 5319 | 3,142,418 | $7,500,000 |
| 8.31 | 1700 Championship Blvd | 1.00 | single family | 6 | 5788 | 16,988 | $1,995,000 |
| 8.28 | 2245 Oakleaf Dr | 1.00 | single family | 4 | 4480 | 43,124 | $1,300,000 |
| 7.80 | 9591 Clovercroft Rd | 1.06 | single family | 4 | 2271 | 1,865,239 | $4,700,000 |
| 7.76 | 273 Dandridge Dr | 1.06 | single family | 3 | 2076 | 28,750 | $625,000 |
| 7.67 | 4490 Harpeth School Rd | 1.00 | single family | 3 | 1980 | 92,347 | $875,900 |
| 7.43 | 454 River Bluff Dr | 1.00 | single family | 4 | 3304 | 8,276 | $945,000 |
| 7.38 | 2164 Albany Dr | 1.06 | single family | 4 | 4262 | 59,677 | $1,699,000 |
| 7.28 | 2289 Henpeck Ln | 1.00 | single family | 3 | 2771 | 62,726 | $950,000 |
| 7.13 | 146 Barlow Dr | 1.00 | single family | 4 | 2437 | 10,019 | $712,000 |
| 6.78 | 128 Brilliantine Cir | 1.00 | single family | 3 | 2543 | 2,178 | $724,916 |
| 6.74 | 225 Oak Dr | 1.00 | single family | 4 | 1395 | 13,068 | $485,900 |