Market Overview
Home Prices in Franklin, MN
The median home value in Franklin, MN is $171,200 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 13.5% compared to a year ago and down 5.7% from two years prior.
Compared to the U.S. national median of $410,000, homes in Franklin are priced58% below average.
Over the past five years, Franklin home values have risen by approximately18.3%, reflecting steady appreciation in this market.
Price History
Franklin Home Price Trend
2020
$121,719
$122K
—
2021
$144,689
$145K
+18.9%
2022
$164,944
$165K
+14.0%
2023
$164,809
$165K
-0.1%
2024
$159,960
$160K
-2.9%
2025
$150,788
$151K
-5.7%
2026
$171,200
$171K
+13.5%
City Comparison
Franklin vs. National Median
🏠 Franklin
$171,200
National Median
$410,000
At $171,200, homes in Franklin cost 58% below the national median of $410,000. This makes Franklin a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Franklin?
20% Down Payment
$34,240
on $171,200
Monthly P&I
$893/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,134/mo
incl. taxes & insurance
Income Needed
$45,360
gross annual (30% rule)
10% Down Option
$17,120
+ PMI applies
Loan Amount (20% dn)
$136,960
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Franklin, MN?
The median home value in Franklin is $171,200 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 13.5% year-over-year.
How much have home prices changed in Franklin?
Over the past year, home values in Franklin have increased by 13.5%. Over five years, prices have risen approximately 18.3%.
How much do I need to earn to buy a home in Franklin?
To comfortably afford the median home price of $171,200 with a 20% down payment ($34,240) at today's rates (6.8%), you'd need a gross annual income of approximately $45,360. This assumes keeping total housing costs at or below 30% of gross income.
How does Franklin compare to the national average home price?
The national median home value is approximately $410,000. At $171,200, homes in Franklin are 58% below the national average.