menu
Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Franklin, TN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Franklin, TN Housing Market Trends

With a population of 86,895, 32,770 total housing units (homes and apartments), and a median house value of $814,659, Franklin house prices are not only among the most expensive in Tennessee, Franklin real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Franklin, accounting for 57.54% of the city's housing units. Other types of housing that are prevalent in Franklin include large apartment complexes or high rise apartments ( 28.70%), row houses and other attached homes ( 7.96%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.74%).

The most prevalent building size and type in Franklin are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.46% owning and 36.54% renting.

Franklin homes and real estate are some of the newest in America. 49.69% of Franklin's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Franklin real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 42.63%), and between 1940-1969 ( 6.01%). There's also some housing in Franklin built before 1939 ( 1.67%).

Franklin Home Appreciation Rates

In the last 10 years, Franklin has experienced some of the highest home appreciation rates of any community in the nation. Franklin real estate appreciated 126.95% over the last ten years, which is an average annual home appreciation rate of 8.54%, putting Franklin in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Franklin definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Franklin appreciation rates have trailed the rest of the nation. In the last twelve months, Franklin's appreciation rate has been 0.66%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Franklin were at -1.32%, which equates to an annual appreciation rate of -5.18%.

Notably, Franklin's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Tennessee, our data show that Franklin's latest annual appreciation rate is lower than 90% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Franklin differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Franklin - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Franklin real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$814,659

Franklin, TN Home Prices
> $1,337,000
$1,003,001 - $1,337,000
$668,001 - $1,003,000
$535,001 - $668,000
$401,001 - $535,000
$267,001 - $401,000
$134,001 - $267,000
$67,001 - $134,000
$0 - $67,000
9.2%
9.2%
16.5%
16.5%
34.5%
34.5%
19.1%
19.1%
11.4%
11.4%
5.5%
5.5%
2.1%
2.1%
0.7%
0.7%
1.1%
1.1%
0% 100.0%
% of Homes
Very High

for Tennessee

Very High

for nation

Number of Homes And Apartments:

32,770

Franklin Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,150 / per month

Homeownership Rate

Owners
Renters
63.5%
63.5%
36.5%
36.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.5%
4.5%
95.5%
95.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
49.7%
49.7%
42.6%
42.6%
6.0%
6.0%
1.7%
1.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
57.5%
57.5%
8.0%
8.0%
4.7%
4.7%
28.7%
28.7%
1.0%
1.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.4%
2.4%
11.4%
11.4%
23.5%
23.5%
29.9%
29.9%
25.2%
25.2%
7.6%
7.6%
0% 100.0%
% of Homes