Franklin Grove, IL—61031
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Franklin Grove, IL
As of Oct '25, the median home price in Franklin Grove, IL is $177,000, with a year-over-year change of 13.3%. This indicates that home prices in Franklin Grove, IL are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $177,000 | 13.3% |
| Single Family | $178,000 | 15.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Franklin Grove, IL
As of July '25, Rentcast reports the average rent in Franklin Grove, IL is $1,000, with a year-over-year rent change of 14.3%. Per bedroom, the median rent as of July '25 in Franklin Grove, IL is 3-bedrooms: $1,000. The most common rental property sizes in Franklin Grove, IL are 3-bedroom and 2-bedroom, accounting for 31.8% and 28.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,000 | $1,000 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,000 | $1,000 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Franklin Grove, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Franklin Grove, IL is 118. This is a increase of 293.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $493,000 | 176.0% |
Listing Count | 4 | 9.0% |
| Listings as % of Homes | 0.5% | 9.0% |
Days on Market | 118 | 293.0% |
Demographics — Franklin Grove, IL
As of the latest ACS Survey released in 2023, Franklin Grove, IL has a population of 1,620, which has increased by 4.8% over the past 5 years. Franklin Grove, IL is a moderately popular place for families, as children make up 18.9% of the population. The area has a moderately educated workforce, with 25.8% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,620 | 4.8% |
% Under 18 | 18.9% | -10.8% |
% Seniors | 23.7% | -6.0% |
% WFH | 5.6% | 115.4% |
% w/ College Degree | 25.8% | 77.9% |
As of the latest ACS Survey released in 2023, Franklin Grove, IL is a predominantly white area, with 85.4% of the population identifying as white. The white population has shrunk by 4.0% in the last 5 years. The second most common race or ethnicity in Franklin Grove, IL is hispanic, making up 11.1% of the population. Foreign-born residents account for 1.5% of the population in Franklin Grove, IL, and this percentage has decreased by 16.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 85.4% | -4.0% |
% Black | 0.2% | -87.5% |
% Hispanic | 11.1% | 50.0% |
% Asian | 0.1% | -50.0% |
% Foreign Born | 1.5% | -16.7% |
Mortgage and Risk — Franklin Grove, IL
Franklin Grove, IL lacks sufficient mortgage origination data for analysis.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | N/A |
% Conventional Loans | N/A |
% Government Loans | N/A |
% Investor Loans | N/A |
% Second Loans | N/A |
% Cash Out Refinance | N/A |
Loan Activity
No data available
Rentals and Section 8 — Franklin Grove, IL
Franklin Grove, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $770 |
| 2 Bedroom | N/A | N/A | $870 |
| 3 Bedroom | $220 | $1,000 | $1,220 |
| 4 Bedroom | N/A | N/A | $1,300 |
Affordability — Franklin Grove, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.9 |
| Median Home Price | $177,000 |
| Median Household Income | $74,000 |