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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, VA 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, VA Housing Market Trends

With 8,247 people, 3,349 houses or apartments, and a median cost of homes of $280,048, Franklin real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Franklin, accounting for 68.71% of the city's housing units. Other types of housing that are prevalent in Franklin include duplexes, homes converted to apartments or other small apartment buildings ( 15.70%), large apartment complexes or high rise apartments ( 12.23%), and a few row houses and other attached homes ( 2.36%).

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 54.72% owning and 45.28% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Franklin's housing was primarily built during this period, from the '40s through the '60s. A full 44.86% of the city's housing hails from this era. Other housing ages represented in Franklin include homes built between 1970-1999 ( 32.01%) and housing constructed between 2000 and later ( 12.13%). There's also some housing in Franklin built before 1939 ( 11.00%).

Vacant housing appears to be an issue in Franklin. Fully 13.95% of the housing stock is classified as vacant. Left unchecked, vacant Franklin homes and apartments can be a drag on the real estate market, holding Franklin real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Franklin Home Appreciation Rates

Franklin's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Franklin during the period has been just 4.56%, which is lower than 80% of US communities.

Appreciation rates are so strong in Franklin that despite a nationwide downturn in the housing market, Franklin real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Franklin appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 80.41% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Franklin. Franklin appreciation rates in the latest quarter were at -0.39%, which equates to an annual appreciation rate of -1.56%.

Relative to Virginia, our data show that Franklin's latest annual appreciation rate is lower than 60% of the other cities and towns in Virginia.

Average Home Values

Median Home Value

$280,048

Franklin, VA Home Prices
> $1,246,000
$935,001 - $1,246,000
$623,001 - $935,000
$498,001 - $623,000
$374,001 - $498,000
$249,001 - $374,000
$124,001 - $249,000
$63,001 - $124,000
$0 - $63,000
1.4%
1.4%
0.0%
0.0%
2.0%
2.0%
0.5%
0.5%
5.9%
5.9%
29.9%
29.9%
40.8%
40.8%
19.5%
19.5%
0.1%
0.1%
0% 100.0%
% of Homes
Average

for Virginia

Average

for nation

Number of Homes And Apartments:

3,349

Franklin Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,489 / per month

Homeownership Rate

Owners
Renters
54.7%
54.7%
45.3%
45.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
14.0%
14.0%
86.0%
86.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
12.1%
12.1%
32.0%
32.0%
44.9%
44.9%
11.0%
11.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.7%
68.7%
2.4%
2.4%
15.7%
15.7%
12.2%
12.2%
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
0.0%
0.0%
6.7%
6.7%
24.2%
24.2%
40.9%
40.9%
24.6%
24.6%
3.7%
3.7%
0% 100.0%
% of Homes

Zip Codes in Franklin, VA