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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Franklin Park, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Franklin Park, IL Housing Market Trends

With a population of 18,059, 5,802 total housing units (homes and apartments), and a median house value of $328,557, Franklin Park real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Franklin Park, accounting for 71.66% of the village's housing units. Other types of housing that are prevalent in Franklin Park include large apartment complexes or high rise apartments ( 17.89%), duplexes, homes converted to apartments or other small apartment buildings ( 8.43%), and a few row houses and other attached homes ( 1.09%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Franklin Park. Owner-occupied housing accounts for 73.29% of Franklin Park's homes, and 54.44% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Franklin Park's housing was primarily built during this period, from the '40s through the '60s. A full 73.18% of the village's housing hails from this era. Other housing ages represented in Franklin Park include homes built between 1970-1999 ( 14.39%) and housing constructed before 1939 ( 10.15%). There's also some housing in Franklin Park built between 2000 and later ( 2.28%).

Franklin Park Home Appreciation Rates

Appreciation rates for homes in Franklin Park have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 99.72%, which ranks in the top 40% nationwide. This equates to an annual average Franklin Park house appreciation rate of 7.16%.

NeighborhoodScout's data show that during the latest twelve months, Franklin Park's appreciation rate, at 7.23%, has been at or slightly above the national average. In the latest quarter, Franklin Park's appreciation rate has been 2.79%, which annualizes to a rate of 11.63%.

Relative to Illinois, our data show that Franklin Park's latest annual appreciation rate is lower than 60% of the other cities and towns in Illinois.

Average Home Values

Median Home Value

$328,557

Franklin Park, IL Home Prices
> $1,304,000
$978,001 - $1,304,000
$652,001 - $978,000
$521,001 - $652,000
$391,001 - $521,000
$261,001 - $391,000
$130,001 - $261,000
$65,001 - $130,000
$0 - $65,000
0.3%
0.3%
0.1%
0.1%
0.5%
0.5%
3.8%
3.8%
17.8%
17.8%
57.7%
57.7%
17.3%
17.3%
1.2%
1.2%
1.3%
1.3%
0% 100.0%
% of Homes
High

for Illinois

High

for nation

Number of Homes And Apartments:

5,802

Franklin Park Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,824 / per month

Homeownership Rate

Owners
Renters
73.3%
73.3%
26.7%
26.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.4%
7.4%
92.6%
92.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.3%
2.3%
14.4%
14.4%
73.2%
73.2%
10.1%
10.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.7%
71.7%
1.1%
1.1%
8.4%
8.4%
17.9%
17.9%
0.9%
0.9%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.5%
2.5%
11.6%
11.6%
28.7%
28.7%
42.7%
42.7%
11.7%
11.7%
2.8%
2.8%
0% 100.0%
% of Homes