Franklin Real Estate: Home Sales and Demographic Trends
The large, historic town of Franklin, MA straddles the I-495 corridor. This, along with a rich culture, a wide variety of low- and middle-income housing, and space to expand make Franklin, MA real estate highly attractive. Modern family homes located in large lots make for pleasant country living with all the comforts of the city easily accessible. Low crime, good schools, and a wealth of public services make Franklin one of the most ideal places to raise a family, though the cost of living is extremely high compared to the rest of the United States.
Located on the Massachusetts side of the Massachusetts-Rhode Island border, many Franklin residents commute to either Boston or Providence for work. The majority of the population, which sits at 32,079 as of the 2010 census, is composed of white middle-class families with a median household income of $90,042, slightly higher than the statewide average. Crime is remarkably low in a city of its size, with no murders or rapes and only 2 assaults reported in 2012. Burglary has seen a steady increase, however, with 43 break-ins reported in 2012. The police department is relatively small for a town exceeding 30,000 people, with only 43 full-time officers.
The industries employing the most people in Franklin are manufacturing (16%), retail (13%) and construction (12%), making Franklin a hub for blue collar workers. However, a large percentage of the population does hold a Bachelor’s degree. This is due in part to the town’s storied history with the education system.
Franklin schools are highly ranked. It possesses a multitude of primary and middle schools, along with two high schools that have 2400 students between the two of them. Franklin is also home to the highly-regarded Dean College, founded in 1865, which offers 9 Bachelor’s programs in primarily the Liberal Arts, such as English, Psychology, and Business. Enrollment is focused mainly on large schools like Providence College, as Dean’s College is very specific about their enrollment. This enormous presence of quality schools makes Franklin homes for families very attractive.
Franklin Real Estate Market
With a large population, central access to the cities of Boston and Providence, and plenty of room to expand, Franklin is an extremely attractive city for developers. Development has been declining, however, as the town was hit quite hard by the recession of 2009. The 90s saw rapid development, with 322 new buildings built in 1997. Cost of construction recently has been averaging at $220,000.
The presence of Dean College, as well as ready access to numerous regional colleges in Providence and Boston, has made demand for Franklin apartments quite high. There are several rental properties available on Zillow, which range from $850 to 3,000 /month depending on the location and the building. Many Franklin homes for sale are also available with lot sizes depending on the area of the city. They are listed anywhere from 225,000 to 650,000. Many of them are large enough to support families, making Franklin even more attractive to middle-class buyers. Median value of a Franklin house is $374,639, about $50,000 greater than the Massachusetts state average. Home sales have dropped since the fourth quarter of 2011, which saw 350 units sold. The first quarter of 2014 reported under 50 units sold. 2013’s greatest quarter was the third, which sold about 140 units.