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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, MA 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, MA Housing Market Trends

With a population of 33,656, 12,131 total housing units (homes and apartments), and a median house value of $678,596, real estate costs in Franklin are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Single-family detached homes are the single most common housing type in Franklin, accounting for 63.78% of the city's housing units. Other types of housing that are prevalent in Franklin include large apartment complexes or high rise apartments ( 17.75%), row houses and other attached homes ( 9.84%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.58%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Franklin. Owner-occupied housing accounts for 76.61% of Franklin's homes, and 59.12% have either three or four bedrooms, which is average sized relative to America.

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 ( 20.94%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.39%). There's also some housing in Franklin built before 1939 ( 12.61%).

Franklin Home Appreciation Rates

Real estate appreciation rates in Franklin's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.49% during the period.

NeighborhoodScout's data show that during the latest twelve months, Franklin's appreciation rate, at 6.13%, has been at or slightly above the national average. In the latest quarter, Franklin's appreciation rate has been 1.11%, which annualizes to a rate of 4.52%.

Relative to Massachusetts, our data show that Franklin's latest annual appreciation rate is lower than 80% of the other cities and towns in Massachusetts.

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

$678,596

Franklin, MA Home Prices
> $1,271,000
$953,001 - $1,271,000
$636,001 - $953,000
$508,001 - $636,000
$381,001 - $508,000
$254,001 - $381,000
$127,001 - $254,000
$64,001 - $127,000
$0 - $64,000
1.6%
1.6%
11.8%
11.8%
40.3%
40.3%
24.6%
24.6%
13.1%
13.1%
4.6%
4.6%
1.6%
1.6%
0.7%
0.7%
1.7%
1.7%
0% 100.0%
% of Homes
Average

for Massachusetts

Very High

for nation

Number of Homes And Apartments:

12,131

Franklin Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,601 / per month

Homeownership Rate

Owners
Renters
76.6%
76.6%
23.4%
23.4%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
3.6%
3.6%
96.4%
96.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
18.4%
18.4%
48.1%
48.1%
20.9%
20.9%
12.6%
12.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
63.8%
63.8%
9.8%
9.8%
8.6%
8.6%
17.8%
17.8%
0.0%
0.0%
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
1.5%
1.5%
11.3%
11.3%
23.6%
23.6%
32.6%
32.6%
26.5%
26.5%
4.5%
4.5%
0% 100.0%
% of Homes