Interest in transactive energy frameworks (TEFs) is proliferating due to the modern smart grid paradigm. This paper proposes a TEF, which applies auction-theory, incorporates a system of agents, and facilitates a transactive energy market (TEM) through an auctioneer. Further, it also enables peer-to-peer (P2P) energy trading among the residential buildings in community microgrid for possible monetary benefits. In this framework, there are three agents, namely, auctioneer, participants, and utility. The auctioneer is a managing agent modeled using auction theory to determine day-ahead internal market-clearing price and quantity. The participants are autonomous and rational decision-makers; they aim to minimize their electricity bills through the demand response (DR) management. Two types of architectures, one with the third-party agent demonstrated using the MATLAB environment and the other with the virtual agent (without third-party) implemented using the blockchain environment are presented. The simulation results reflect significant monetary benefits to each market participant, improved community self-sufficiency, self-consumption, and reduced reliance on the utility grid.