Franklin, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Franklin, VA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Franklin Housing Market Information

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.

Franklin Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$205,196

Franklin, VA HOME PRICES

Value Range
> $1,025,000 0.0
$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

Average for VA
High for Nation

Value Relative to Nation Value Relative to State
31.0090237899918 42.382271468144

Number Of Homes And Apartments:
3,453

Franklin Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
28.52% 1.47% 1 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$956 / per month

Homeownership Rate

Homeownership
Owners 46.97
Renters 53.03
Vacant 11.19

Housing Market Details

 

Age of Homes

AGE OF Franklin HOMES
2000 or Newer 5.9
1970 - 1999 53.0
1940 - 1969 30.5
1939 or Older 10.6

Types of Homes

TYPE OF Franklin HOMES
Single-Family 64.4
Townhomes 0.7
Small Apt. Buildings 21.8
Apt. Complexes 13.1
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Franklin HOMES
No Bedroom 1.75
1 Bedroom 7.46
2 Bedrooms 31.84
3 Bedrooms 44.60
4 Bedrooms 9.57
5 or more bedrooms 4.78

Popular Neighborhoods in Franklin

Zip Codes in Franklin, VA