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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 8,490, 3,453 total housing units (homes and apartments), and a median house value of $205,196, Franklin real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Franklin, accounting for 64.40% 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 ( 21.78%), large apartment complexes or high rise apartments ( 13.14%).
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 46.97% owning and 53.03% renting.
There is a lot of housing in Franklin built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Franklin built between 1940-1969 ( 30.53%). A lesser amount of the housing stock also hails from before 1939 ( 10.65%). There's also some housing in Franklin built between 2000 and later ( 5.86%).
Vacant housing appears to be an issue in Franklin. Fully 11.19% 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.
Homes have actually lost value in Franklin over the last then years, as home values have seen a decline of 21.17% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Franklin home appreciation rates at -1.60%, which equates to an annual appreciation rate of -6.23%.
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 1.64%, 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 -1.60%, which equates to an annual appreciation rate of -6.23%.
Notably, Franklin's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Virginia, our data show that Franklin's latest annual appreciation rate is higher than 50% of the other cities and towns in Virginia.
|$768,001 - $1,025,000||1.3|
|$512,001 - $768,000||0.9|
|$410,001 - $512,000||2.8|
|$307,001 - $410,000||8.2|
|$205,001 - $307,000||20.3|
|$102,001 - $205,000||36.7|
|$51,001 - $102,000||26.3|
|$0 - $51,000||3.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Franklin HOMES|
|2000 or Newer||5.9|
|1970 - 1999||53.0|
|1940 - 1969||30.5|
|1939 or Older||10.6|
|TYPE OF Franklin HOMES|
|Small Apt. Buildings||21.8|
|SIZE OF Franklin HOMES|
|5 or more bedrooms||4.78|