Franklin, MA 02038 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Franklin, MA—02038

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$677,000

1.2% YoY Growth

Household Income

$143,000

23.8% YoY Growth

Days on Market

20.0% Longer YoY

Home Price Forecast

1.7%

Median Rent

$2,250

7.0% YoY Growth

1-Bed Rent

$2,160

7.7% YoY Growth

2-Bed Rent

$2,400

0.4% YoY Growth

3-Bed Rent

$3,000

9.3% YoY Growth

Home Price Trends — Franklin, MA

As of Dec '25, the median home price in Franklin, MA is $677,000, 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 1.7%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$677,000	1.2%
Single Family	$722,000	1.3%
Condos	$471,000	3.5%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

6.7%

1 Bedroom

39.2%

2 Bedrooms

41.2%

3 Bedrooms

9.4%

4 Bedrooms

2.5%

5+ Bedrooms

1.0%

Property Listings — Franklin, MA

As of Dec '25, Realtor.com reports that the median days on market for a home in Franklin, MA is 30. This is a increase of 35.0% 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 34.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$769,000	12.0%
Listing Count	30	35.0%
Listings as % of Homes	0.1%	35.0%
Days on Market	46	20.0%

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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%

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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%

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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%

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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

Franklin, MA—02038

Key Metrics at a Glance

Home Price Trends — Franklin, MA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Franklin, MA

% of Rental Stock

Property Listings — Franklin, MA

Demographics — Franklin, MA

Race and Ethnicity

Mortgage and Risk — Franklin, MA

Mortgages

Rentals and Section 8 — Franklin, MA

Section 8 Market Size

Section 8 Opportunity

Affordability — Franklin, MA

Home Price to Income Ratio

Franklin, MA — ZIP Code Boundary Map

Nearby ZIP Codes

Bellingham, MA

Wrentham, MA

Medway, MA

Norfolk, MA

Millis, MA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4.1
Median Home Price	$677,000
Median Household Income	$143,000

Franklin, MA—02038

Key Metrics at a Glance

Home Price Trends — Franklin, MA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Franklin, MA

% of Rental Stock

Property Listings — Franklin, MA

Demographics — Franklin, MA

Race and Ethnicity

Mortgage and Risk — Franklin, MA

Mortgages

Rentals and Section 8 — Franklin, MA

Section 8 Market Size

Section 8 Opportunity

Affordability — Franklin, MA

Home Price to Income Ratio

Franklin, MA — ZIP Code Boundary Map

Nearby ZIP Codes

Bellingham, MA

Wrentham, MA

Medway, MA

Norfolk, MA

Millis, MA

Frequently Asked Questions

What is the average home price in Franklin, MA 02038?

How have home prices in Franklin, MA 02038 changed over the past year?

What is the home price projection for Franklin, MA 02038?

What are the demographics of Franklin, MA 02038?

How long does it take homes to sell in Franklin, MA 02038?

What is the average rent price in Franklin, MA 02038?