Franklin, MA—02038
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Franklin, MA
As of Oct '25, the median home price in Franklin, MA is $686,000, with a year-over-year change of 1.2%. This indicates that home prices in Franklin, MA are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $686,000 | 1.2% |
| Single Family | $731,000 | 1.1% |
| Condos | $478,000 | 3.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $245,000 | 1.7% |
2 Bed | $490,000 | 2.5% |
3 Bed | $637,000 | 1.3% |
4 Bed | $879,000 | 1.9% |
| 5 Bed | $912,000 | 1.8% |
% of Housing Stock
Rental Trends — Franklin, MA
As of July '25, Rentcast reports the average rent in Franklin, MA is $2,380, with a year-over-year rent change of -7.0%. Per bedroom, the median rent as of July '25 in Franklin, MA is studios: $1,200, 1-bedrooms: $2,050, 2-bedrooms: $2,500, 3-bedrooms: $3,120, 4-bedrooms: $3,890. The most common rental property sizes in Franklin, MA are 2-bedroom and 1-bedroom, accounting for 41.2% and 39.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,250 | $2,380 |
| Studio Rent | $1,100 | $1,200 |
| 1 Bed Rent | $2,160 | $2,050 |
| 2 Bed Rent | $2,400 | $2,500 |
| 3 Bed Rent | $3,000 | $3,120 |
| 4 Bed Rent | $3,200 | $3,890 |
% of Rental Stock
Property Listings — Franklin, MA
As of Oct '25, Realtor.com reports that the median days on market for a home in Franklin, MA is 25. This is a increase of 52.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $717,000 | 6.0% |
Listing Count | 46 | 33.0% |
| Listings as % of Homes | 0.1% | 33.0% |
Days on Market | 25 | 52.0% |
Demographics — Franklin, MA
As of the latest ACS Survey released in 2023, Franklin, MA has a population of 33,100, which has remained stable by 0.1% over the past 5 years. Franklin, MA is a moderately popular place for families, as children make up 20.0% of the population. The area has a highly educated workforce, with 56.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 33,100 | 0.1% |
% Under 18 | 20.0% | -19.7% |
% Seniors | 14.0% | 17.6% |
% WFH | 21.5% | 172.2% |
% w/ College Degree | 56.4% | 0.2% |
As of the latest ACS Survey released in 2023, Franklin, MA is a predominantly white area, with 83.8% of the population identifying as white. The white population has shrunk by 5.4% in the last 5 years. The second most common race or ethnicity in Franklin, MA is asian, making up 6.1% of the population. Foreign-born residents account for 10.0% of the population in Franklin, MA, and this percentage has increased by 38.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 83.8% | -5.4% |
% Black | 2.0% | 100.0% |
% Hispanic | 5.0% | 117.4% |
% Asian | 6.1% | 8.9% |
% Foreign Born | 10.0% | 38.9% |
Mortgage and Risk — Franklin, MA
According to HUD data as of 2023, there were 600 mortgage originations in Franklin, MA, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 12.0% above 90% LTV (elevated). This implies medium mortgage risk in Franklin, MA. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 600 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Franklin, MA
As of 2024, the percent of homes in Franklin, MA under the Section 8 program is 11.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Franklin, MA, because HUD payments exceed market rent, while 1-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 363 |
Total Units Section 8 | 313 |
% Rentals under Section 8 | 11.0% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$20 | $2,160 | $2,140 |
| 2 Bedroom | $150 | $2,400 | $2,550 |
| 3 Bedroom | $80 | $3,000 | $3,080 |
| 4 Bedroom | $190 | $3,200 | $3,390 |
Affordability — Franklin, MA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $686,000 |
| Median Household Income | $143,000 |