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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, NJ 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, NJ Housing Market Trends

With 4,967 people, 2,209 houses or apartments, and a median cost of homes of $368,581, Franklin real estate values are some of the lowest in New Jersey, although compared to real estate around the nation, Franklin homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Franklin, accounting for 50.04% of the borough's housing units. Other types of housing that are prevalent in Franklin include large apartment complexes or high rise apartments ( 21.93%), duplexes, homes converted to apartments or other small apartment buildings ( 13.59%), and a few row houses and other attached homes ( 7.67%).

People in Franklin primarily live in small (one, two or no bedroom) single-family detached homes. Franklin has a mixture of owner-occupied and renter-occupied housing.

The housing in Franklin was primarily built before 1939 ( 35.69%), making the housing stock in Franklin some of the oldest overall in America, although there is a range of ages of homes in Franklin. The next most important housing age is between 1970-1999 ( 32.54%), followed by between 1940-1969 ( 22.79%). There's also some housing in Franklin built between 2000 and later ( 8.99%).

Franklin Home Appreciation Rates

Real estate appreciation rates in Franklin's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.31% during the period.

Appreciation rates are so strong in Franklin that despite a nationwide downturn in the housing market, Franklin real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Franklin appreciation rates continue to be some of the highest in America, at 9.92%, which is higher than appreciation rates in 86.96% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Franklin. Franklin appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.

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

Average Home Values

Median Home Value

$368,581

Franklin, NJ Home Prices
> $1,442,000
$1,082,001 - $1,442,000
$721,001 - $1,082,000
$577,001 - $721,000
$433,001 - $577,000
$289,001 - $433,000
$144,001 - $289,000
$72,001 - $144,000
$0 - $72,000
1.0%
1.0%
0.0%
0.0%
3.4%
3.4%
2.5%
2.5%
20.9%
20.9%
38.4%
38.4%
21.2%
21.2%
5.0%
5.0%
7.6%
7.6%
0% 100.0%
% of Homes
Very Low

for New jersey

High

for nation

Number of Homes And Apartments:

2,209

Franklin Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,147 / per month

Homeownership Rate

Owners
Renters
58.3%
58.3%
41.7%
41.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.9%
5.9%
94.1%
94.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.0%
9.0%
32.5%
32.5%
22.8%
22.8%
35.7%
35.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
50.0%
50.0%
7.7%
7.7%
13.6%
13.6%
21.9%
21.9%
6.8%
6.8%
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
3.4%
3.4%
24.0%
24.0%
30.5%
30.5%
31.9%
31.9%
7.0%
7.0%
3.2%
3.2%
0% 100.0%
% of Homes

Popular Neighborhoods in Franklin

Zip Codes in Franklin, NJ