Franklin, TN—37064
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Franklin, TN
As of Oct '25, the median home price in Franklin, TN is $878,000, with a year-over-year change of 0.0%. This indicates that home prices in Franklin, TN are flat. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $878,000 | 0.0% |
| Single Family | $897,000 | 0.0% |
| Condos | $403,000 | -2.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $311,000 | -1.0% |
2 Bed | $507,000 | 1.2% |
3 Bed | $722,000 | 1.1% |
4 Bed | $1,045,000 | 0.3% |
| 5 Bed | $1,447,000 | 1.7% |
% of Housing Stock
Rental Trends — Franklin, TN
As of July '25, Rentcast reports the average rent in Franklin, TN is $3,310, with a year-over-year rent change of -2.9%. Per bedroom, the median rent as of July '25 in Franklin, TN is studios: $1,380, 1-bedrooms: $1,530, 2-bedrooms: $2,310, 3-bedrooms: $3,400, 4-bedrooms: $4,960. The most common rental property sizes in Franklin, TN are 2-bedroom and 1-bedroom, accounting for 41.1% and 21.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,980 | $3,310 |
| Studio Rent | $1,500 | $1,380 |
| 1 Bed Rent | $1,500 | $1,530 |
| 2 Bed Rent | $2,000 | $2,310 |
| 3 Bed Rent | $3,000 | $3,400 |
| 4 Bed Rent | $4,500 | $4,960 |
% of Rental Stock
Property Listings — Franklin, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Franklin, TN is 66. This is a increase of 25.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,200,000 | 7.0% |
Listing Count | 587 | 21.0% |
| Listings as % of Homes | 1.3% | 21.0% |
Days on Market | 66 | 25.0% |
Demographics — Franklin, TN
As of the latest ACS Survey released in 2023, Franklin, TN has a population of 66,600, which has increased by 17.7% over the past 5 years. Franklin, TN is a moderately popular place for families, as children make up 24.3% of the population. The area has a highly educated workforce, with 58.6% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 27.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 66,600 | 17.7% |
% Under 18 | 24.3% | -0.8% |
% Seniors | 14.9% | 1.4% |
% WFH | 27.4% | 188.4% |
% w/ College Degree | 58.6% | 10.4% |
As of the latest ACS Survey released in 2023, Franklin, TN is a predominantly white area, with 79.6% of the population identifying as white. The white population has shrunk by 3.5% in the last 5 years. The second most common race or ethnicity in Franklin, TN is hispanic, making up 7.7% of the population. Foreign-born residents account for 8.9% of the population in Franklin, TN, and this percentage has increased by 27.1% 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 | 79.6% | -3.5% |
% Black | 5.7% | -17.4% |
% Hispanic | 7.7% | 1.3% |
% Asian | 4.3% | 207.1% |
% Foreign Born | 8.9% | 27.1% |
Mortgage and Risk — Franklin, TN
According to HUD data as of 2023, there were 1680 mortgage originations in Franklin, TN, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 49.0%, with 9.0% above 90% LTV (normal). This implies small mortgage risk in Franklin, TN. Investor activity is low, as 2.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,680 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Franklin, TN
As of 2024, the percent of homes in Franklin, TN under the Section 8 program is 5.7%. 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. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Franklin, TN, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 391 |
Total Units Section 8 | 323 |
% Rentals under Section 8 | 5.7% |
% Occupied Section 8 | 80.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $560 | $1,500 | $2,060 |
| 2 Bedroom | $280 | $2,000 | $2,280 |
| 3 Bedroom | -$120 | $3,000 | $2,880 |
| 4 Bedroom | -$960 | $4,500 | $3,540 |
Affordability — Franklin, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.9 |
| Median Home Price | $878,000 |
| Median Household Income | $121,000 |