Franklin County, Virginia Housing Market
In Franklin County, Virginia, the median home value is $240,400, with a median monthly rent of $829. This places Franklin County at #980 nationally out of 3134 counties by median home value, and #76 within Virginia.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $946
- Establishments: 1,577
- BLS QCEW, 2025
Housing Supply
- Single-family: 143
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 22,058 (avg $77,280)
- Outflow: 20,742 (avg $74,304)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 7 active ZIP codes in Franklin County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 24176 | 339.6 | -9.95% | 2025 |
| 2 | 24055 | 216.2 | +15.16% | 2025 |
| 3 | 24184 | 247.8 | -12.97% | 2025 |
| 4 | 24059 | 186.9 | — | 2024 |
| 5 | 24151 | 253.9 | +7.36% | 2025 |
| 6 | 24065 | 236.4 | +5.52% | 2025 |
| 7 | 24112 | 198.4 | +6.87% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Franklin County Compares
| Metric | Franklin County | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $240,400 | $295,807 | $227,706 |
| Median Gross Rent | $829 | $1,169 | $968 |
| Owner Occupancy Rate | 78.5% | 70.8% | 73.3% |
| Price/Rent Ratio | 24.2 | 20.3 | 18.7 |
Market Analysis
The median home value in Franklin County is 18.7% below the Virginia state average and 5.6% above the U.S. national average. The median rent of $829/month is 29.1% below the state average.
With a price-to-rent ratio of 24.2, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Franklin County has an owner-occupancy rate of 78.5%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Morrow County | Oregon | $240,400 | $995 |
| Cooke County | Texas | $240,400 | $1,047 |
| Rogers County | Oklahoma | $240,500 | $1,047 |
| Caldwell County | Texas | $240,500 | $1,173 |
| Butts County | Georgia | $240,600 | $941 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Charles City County | $241,400 | $1,099 | 86.3% |
| Cumberland County | $239,300 | $877 | 75.9% |
| Surry County | $238,800 | $983 | 79.5% |
| Essex County | $238,100 | $972 | 71.7% |
| Waynesboro city | $245,500 | $1,020 | 59.9% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).