Franklin Home Prices: $945K, Up 1.7% — 3 ZIPs Analyzed (2026)
$944,814. That’s what a typical home costs in Franklin, Tennessee — one of the priciest markets in the Nashville metro. Prices climbed 1.7% over the past year, and the city’s most expensive ZIP code has crossed the $1 million mark. If you’re shopping here, the numbers below will tell you exactly what to expect.
Quick answer: The average home price in Franklin, TN is $944,814 as of February 2026, up 1.7% year over year according to Zillow.
Current Home Prices in Franklin
Franklin sits well above the national median and commands a premium even within the Nashville-Davidson-Murfreesboro-Franklin metro area.
| Metric | Value |
|---|---|
| Median Home Value | $944,814 |
| Year-over-Year Change | +1.7% |
| Lowest ZIP Median | $884,845 |
| Highest ZIP Median | $1,002,061 |
| Number of ZIPs Tracked | 3 |
| Data As Of | February 2026 |
The gap between the cheapest and most expensive ZIP is about $117,000. That’s a meaningful spread for a city with only three ZIP codes, and it means your neighborhood choice has a real impact on what you’ll pay.
Franklin’s 1.7% annual gain is modest compared to the double-digit jumps seen during 2021-2022, but it signals continued demand. Prices haven’t dipped below $884,000 in any tracked neighborhood, putting Franklin firmly in the high-end category for Tennessee buyers.
Franklin Home Prices by Neighborhood
All three Franklin ZIP codes carry six-figure-plus price tags. Here’s how they compare:
| ZIP Code | Median Home Value | Monthly Rent |
|---|---|---|
| 37064 | $884,845 | $2,184 |
| 37067 | $947,536 | $1,900 |
| 37069 | $1,002,061 | $2,378 |
Most Expensive
37069 leads at $1,002,061 — the only Franklin ZIP to break the million-dollar barrier, with the highest rents in the city at $2,378 per month.
37067 comes in at $947,536, sitting just above the city-wide median and offering the lowest rent of any Franklin ZIP at $1,900 per month — an unusual gap between home values and rental costs.
Most Affordable
37064 is the entry point into Franklin at $884,845. That’s still nearly $60,000 below the city average, making it the best option for buyers who want a Franklin address without crossing into seven figures. Rent here runs $2,184 per month.
Even the “affordable” option is close to $900,000. Franklin doesn’t have a budget-friendly neighborhood — it has varying degrees of expensive.
Rent vs Buy in Franklin
The rent-versus-buy math in Franklin tilts heavily toward renting right now.
Average monthly rent across Franklin’s three ZIPs comes to roughly $2,154. Meanwhile, a conventional mortgage on the $944,814 median home — assuming 20% down ($188,963), a 30-year fixed rate near 7%, plus property taxes and insurance — puts your monthly payment above $5,000.
| Scenario | Monthly Cost |
|---|---|
| Average Rent (ZORI) | ~$2,154 |
| Mortgage (20% down, ~7%) | ~$5,030 (P&I only) |
| Mortgage + Tax + Insurance | ~$5,800–$6,200 |
That’s a gap of roughly $3,000 to $4,000 per month. Renting saves you $36,000 to $48,000 annually in cash flow.
Of course, buying builds equity. But at these price levels, the opportunity cost of tying up nearly $190,000 in a down payment is significant. Renters who invest the difference could come out ahead depending on market returns.
The one ZIP that stands out is 37067, where rent is just $1,900 — the lowest in Franklin — despite home values near $950,000. That’s an extreme disconnect between renting and owning costs.
Population Growth and Migration
Franklin added nearly 5,000 residents between 2020 and 2024, a 5.9% increase.
| Year | Population |
|---|---|
| 2020 | 84,155 |
| 2021 | 85,972 |
| 2022 | 87,664 |
| 2023 | 88,816 |
| 2024 | 89,142 |
Growth has slowed. Franklin added 1,817 people between 2020 and 2021 but only 326 between 2023 and 2024. The city is still gaining residents, just at a decelerating pace.
Compared to other Tennessee cities, Franklin’s growth rate is moderate:
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Smyrna | 60,302 | 12.7% |
| Clarksville | 185,690 | 10.8% |
| Murfreesboro | 168,387 | 9.5% |
| Franklin | 89,142 | 5.9% |
| Chattanooga | 191,496 | 5.1% |
| Knoxville | 198,722 | 3.9% |
Smyrna, Clarksville, and Murfreesboro are all growing faster — likely because they offer lower price points. Franklin’s high home values may be acting as a natural brake on population growth. People want to live here, but fewer can afford to.
Still, steady population growth supports housing demand. More residents means more competition for a limited housing stock.
Franklin Housing Market Trends
Here’s how Franklin’s median home value moved month by month over the past year:
| Month | Median Value | Low ZIP | High ZIP |
|---|---|---|---|
| Mar 2025 | $928,733 | $876,109 | $991,344 |
| Apr 2025 | $927,784 | $875,016 | $987,517 |
| May 2025 | $926,096 | $872,981 | $984,372 |
| Jun 2025 | $923,985 | $871,019 | $980,643 |
| Jul 2025 | $920,117 | $867,835 | $975,590 |
| Aug 2025 | $917,592 | $866,227 | $971,397 |
| Sep 2025 | $917,934 | $866,780 | $970,677 |
| Oct 2025 | $922,441 | $870,295 | $974,978 |
| Nov 2025 | $929,355 | $875,551 | $982,260 |
| Dec 2025 | $935,739 | $880,159 | $989,210 |
| Jan 2026 | $941,670 | $883,709 | $997,234 |
| Feb 2026 | $944,814 | $884,845 | $1,002,061 |
The pattern is clear: prices dipped from March through August 2025, bottoming out at $917,592, then reversed course. Franklin has posted six consecutive months of gains since September 2025, recovering all of the mid-year decline and pushing to new highs.
The most expensive ZIP crossed $1 million in February 2026 for the first time in the dataset. The cheapest ZIP held relatively steady throughout, never dropping below $866,000.
Is Franklin a Good Place to Buy in 2026?
Franklin is a seller’s market by any reasonable measure. Prices are rising, population is growing, and inventory in high-demand Nashville suburbs stays tight.
For buyers, the math is challenging. The median home costs nearly $945,000, and mortgage payments will run well over $5,000 per month. You’ll need a household income north of $180,000 to comfortably afford that — and that assumes no other major debts.
The case for buying rests on Franklin’s long-term fundamentals. It’s a high-income suburb of Nashville with strong schools, corporate employers, and limited land for new development. These factors tend to support prices over time.
But the case for waiting — or renting — is also strong. The rent-to-buy gap is enormous, and a 1.7% annual appreciation rate doesn’t quickly offset the cost premium of ownership. If your timeline is under five years, renting likely makes more financial sense.
Franklin Housing Market Outlook for 2026-2027
The six-month upward trend from September 2025 through February 2026 suggests continued price appreciation into mid-2026. Monthly gains have been consistent, averaging roughly $4,500 to $6,400 per month over that stretch.
If the current pace continues, the city-wide median could approach $960,000 to $970,000 by late summer 2026. ZIP 37069 may push further above $1 million.
One thing to watch: Franklin saw a mid-year dip in 2025, with prices softening from April through August. A similar seasonal pattern could repeat. The spring buying season typically supports prices, but summer slowdowns are common in markets at this price tier.
The 3-month trend shows accelerating gains — $5,931 from December to January, then $3,144 from January to February. This isn’t runaway growth, but it’s steady upward momentum.
Similar Markets in TN
If you’re exploring Tennessee’s housing market beyond Franklin, here are other cities worth comparing:
- Nashville — The metro anchor, offering a wider range of price points and neighborhoods than Franklin.
- Murfreesboro — Growing 9.5% since 2020 and priced well below Franklin, a common alternative for Nashville-area buyers.
- Clarksville — The fastest-growing large city in the state at 10.8%, with significantly lower home prices.
- Chattanooga — A mid-size option in southeast Tennessee with 5.1% population growth and a different market feel.
- Knoxville — East Tennessee’s largest city, growing more slowly at 3.9% but offering access to the Smoky Mountains region.
Frequently Asked Questions
What is the average home price in Franklin?
The average home price in Franklin, TN is $944,814 as of February 2026. Prices range from $884,845 in ZIP 37064 to $1,002,061 in ZIP 37069. Franklin is one of the most expensive cities in the Nashville metro.
Are home prices going up or down in Franklin?
Prices are going up. Franklin’s median home value increased 1.7% year over year. After a mid-2025 dip that saw prices fall to $917,592 in August, the market has posted six straight months of gains through February 2026.
Is it cheaper to rent or buy in Franklin?
Renting is much cheaper. Average rent across Franklin runs about $2,154 per month, while a mortgage on the median home would cost over $5,000 monthly before taxes and insurance. That’s a gap of roughly $3,000 per month.
What is the most affordable neighborhood in Franklin?
ZIP code 37064 is the most affordable at $884,845 — about $60,000 below the city median. Rent there is $2,184 per month. It’s the only Franklin ZIP under $900,000, though it’s trending upward.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.