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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 83,097 people, 29,947 houses or apartments, and a median cost of homes of $476,584, 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 60.19% of the city's housing units. Other types of housing that are prevalent in Franklin include large apartment complexes or high rise apartments ( 25.63%), row houses and other attached homes ( 8.12%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.62%).

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 66.10% of Franklin's homes, and 60.45% 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 2000 and later ( 42.12%). A lesser amount of the housing stock also hails from between 1940-1969 ( 6.69%). There's also some housing in Franklin built before 1939 ( 1.64%).

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 74.42% over the last ten years, which is an average annual home appreciation rate of 5.72%, putting Franklin in the top 10% 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.

NeighborhoodScout's data show that during the latest twelve months, Franklin's appreciation rate, at 6.25%, has been at or slightly above the national average. In the latest quarter, Franklin's appreciation rate has been 2.01%, which annualizes to a rate of 8.31%.

Relative to Tennessee, our data show that Franklin's latest annual appreciation rate is lower than 80% 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:
$476,584

Franklin, TN HOME PRICES

> $1,222,000
2.7%
2.7%
$916,001 - $1,222,000
6.0%
6.0%
$611,001 - $916,000
17.6%
17.6%
$489,001 - $611,000
23.3%
23.3%
$366,001 - $489,000
27.2%
27.2%
$245,001 - $366,000
13.4%
13.4%
$122,001 - $245,000
7.8%
7.8%
$61,001 - $122,000
0.5%
0.5%
$0 - $61,000
1.5%
1.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for TN

Value Relative To Nation

Number Of Homes And Apartments:
29,947

Franklin Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
130.77% 4.06%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,154 / per month

Homeownership Rate

Owners
66.1%
66.1%
Renters
33.9%
33.9%
Vacant
4.8%
4.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
42.1%
42.1%
1970 - 1999
49.5%
49.5%
1940 - 1969
6.7%
6.7%
1939 or Older
1.6%
1.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
60.2%
60.2%
Townhomes
8.1%
8.1%
Small Apt. Buildings
4.6%
4.6%
Apt. Complexes
25.6%
25.6%
Mobile Homes
1.4%
1.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.7%
1.7%
1 Bedroom
8.9%
8.9%
2 Bedrooms
21.9%
21.9%
3 Bedrooms
34.6%
34.6%
4 Bedrooms
25.9%
25.9%
5 or more bedrooms
7.0%
7.0%
0.0% 100.0%
% OF HOMES