Franklin, VA—23851
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Franklin, VA
As of Oct '25, the median home price in Franklin, VA is $237,000, with a year-over-year change of 3.2%. This indicates that home prices in Franklin, VA are increasing. According to Zillow, the 1-year price projection is 1.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $237,000 | 3.2% |
| Single Family | $237,000 | 3.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $135,000 | 3.1% |
3 Bed | $240,000 | 3.4% |
4 Bed | $333,000 | 5.0% |
| 5 Bed | $410,000 | 4.6% |
% of Housing Stock
Rental Trends — Franklin, VA
Franklin, VA lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,050 | $1,280 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,050 | $1,050 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,500 | $1,500 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Franklin, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Franklin, VA is 52. 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $280,000 | -9.0% |
Listing Count | 41 | 11.0% |
| Listings as % of Homes | 0.5% | 11.0% |
Days on Market | 52 | 25.0% |
Demographics — Franklin, VA
As of the latest ACS Survey released in 2023, Franklin, VA has a population of 13,500, which has increased by 1.7% over the past 5 years. Franklin, VA is a moderately popular place for families, as children make up 24.3% of the population. The area has a poorly educated workforce, with 24.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,500 | 1.7% |
% Under 18 | 24.3% | 1.2% |
% Seniors | 19.6% | 1.6% |
% WFH | 3.9% | 14.7% |
% w/ College Degree | 24.9% | 28.4% |
As of the latest ACS Survey released in 2023, Franklin, VA is a predominantly black area, with 45.3% of the population identifying as black. The black population has shrunk by 5.4% in the last 5 years. The second most common race or ethnicity in Franklin, VA is white, making up 44.3% of the population. Foreign-born residents account for 2.0% of the population in Franklin, VA, and this percentage has increased by 185.7% 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 | 44.3% | -7.5% |
% Black | 45.3% | -5.4% |
% Hispanic | 2.1% | 200.0% |
% Asian | 1.9% | 850.0% |
% Foreign Born | 2.0% | 185.7% |
Mortgage and Risk — Franklin, VA
According to HUD data as of 2023, there were 247 mortgage originations in Franklin, VA, of which 49.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 47.0% above 90% LTV (very high). This implies large mortgage risk in Franklin, VA. Investor activity is low, as 4.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 247 |
% Conventional Loans | 49.0% |
% Government Loans | 51.0% |
% Investor Loans | 4.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Franklin, VA
Franklin, VA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 665 |
Total Units Section 8 | 593 |
% Rentals under Section 8 | 28.0% |
% Occupied Section 8 | 83.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$140 | $1,050 | $910 |
| 2 Bedroom | N/A | N/A | $1,180 |
| 3 Bedroom | $20 | $1,500 | $1,520 |
| 4 Bedroom | N/A | N/A | $1,980 |
Affordability — Franklin, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $237,000 |
| Median Household Income | $73,300 |