Franklin, VA 23851 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Franklin, VA—23851

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$236,000

2.7% YoY Growth

Household Income

$73,300

59.2% YoY Growth

Days on Market

28.0% Longer YoY

Home Price Forecast

1.8%

Median Rent

$1,050

N/A

1-Bed Rent

$1,050

N/A

2-Bed Rent

N/A

3-Bed Rent

$1,500

N/A

Home Price Trends — Franklin, VA

As of Nov '25, the median home price in Franklin, VA is $236,000, with a year-over-year change of 2.7%. This indicates that home prices in Franklin, VA are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$236,000	2.7%
Single Family	$237,000	2.2%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

0.3%

1 Bedroom

10.5%

2 Bedrooms

43.1%

3 Bedrooms

35.9%

4 Bedrooms

10.2%

Property Listings — Franklin, VA

As of Nov '25, Realtor.com reports that the median days on market for a home in Franklin, VA is 45. This is a increase of 28.0% 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 40.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$295,000	-12.0%
Listing Count	40	-8.0%
Listings as % of Homes	0.5%	-8.0%
Days on Market	45	28.0%

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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%

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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%

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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%

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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

Franklin, VA—23851

Key Metrics at a Glance

Home Price Trends — Franklin, VA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Franklin, VA

% of Rental Stock

Property Listings — Franklin, VA

Demographics — Franklin, VA

Race and Ethnicity

Mortgage and Risk — Franklin, VA

Mortgages

Rentals and Section 8 — Franklin, VA

Section 8 Market Size

Section 8 Opportunity

Affordability — Franklin, VA

Home Price to Income Ratio

Franklin, VA — ZIP Code Boundary Map

Nearby ZIP Codes

Carrsville, VA

Newsoms, VA

Suffolk, VA

Courtland, VA

Ivor, VA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.9
Median Home Price	$236,000
Median Household Income	$73,300

Franklin, VA—23851

Key Metrics at a Glance

Home Price Trends — Franklin, VA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Franklin, VA

% of Rental Stock

Property Listings — Franklin, VA

Demographics — Franklin, VA

Race and Ethnicity

Mortgage and Risk — Franklin, VA

Mortgages

Rentals and Section 8 — Franklin, VA

Section 8 Market Size

Section 8 Opportunity

Affordability — Franklin, VA

Home Price to Income Ratio

Franklin, VA — ZIP Code Boundary Map

Nearby ZIP Codes

Carrsville, VA

Newsoms, VA

Suffolk, VA

Courtland, VA

Ivor, VA

Frequently Asked Questions

What is the average home price in Franklin, VA 23851?

How have home prices in Franklin, VA 23851 changed over the past year?

What is the home price projection for Franklin, VA 23851?

What are the demographics of Franklin, VA 23851?

How long does it take homes to sell in Franklin, VA 23851?

What is the average rent price in Franklin, VA 23851?