Franklin, TN: State of the Real Estate Market 3Q2012
Established in 1799 and host to The Battle of Franklin in 1864, little growth was seen in the 125 years following the Civil War. However, like much of the South over the past few decades, the greater Nashville area has seen tremendous growth in terms of population in-migration, new real estate development and numerous corporate relocations. Just south of Nashville is the City of Franklin and Williamson County, a national hot spot of growth. Franklin is a burgeoning mecca for all types of development; this expansion is being fueled by a diverse population and dynamic economic forces.
In the last decade, Williamson County was within the top 20 most wealthy counties in the country. Corporations like Nissan North America and Community Health Systems, one of the nation’s leading operators of general acute care hospitals, have relocated to Franklin. The offices have brought numerous highly paid executives and high average salaries, helping Franklin to secure a very large cohort of households with incomes peaking well beyond the $100,000 mark. The music industry and it’s spin off economic impact have also contributed to making Franklin and Williamson County a large enclave of wealth. For these reasons, Franklin boosts one of the most vibrant historic downtown retail districts outside of a resort destination. The multi-family sector is just as exciting! There are 1,345 apartment units under construction in the Franklin/Brentwood submarket, 2nd quarter average occupancy of 95.74%, with $1085 average rent and $1.06 PSF. Franklin is a real town with economic activity fueled by its local businesses and the residents which call it home.
I lived here from 2003-2004 and have visited several times over the past eight years – the change from one time to the next is always impressive.