Brokers — List your Company Here
Featured local agent — Franklin Lakes, NJ
Sarah Mitchell
Compass Real Estate · Franklin Lakes, NJ
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
This spot is open. Be the only brokerage featured on this page — one slot, no auction.
Claim this spot* Example only — dummy agent for illustration. Your logo, name, tagline, link, and lead routing replace this content.
Franklin Lakes, NJ Housing Market
The typical home in Franklin Lakes, NJ is worth $1.64M, rose 11.2% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $1.27M, -57.7% year over year (through May 2026). With 4.8 months of supply and homes going under contract in about 94 days, Franklin Lakes is a balanced market. At today's 7.03% 30-year fixed rate, 20% down on a $1.64M home is about $8,771/mo in principal and interest.
Key numbers for Franklin Lakes, NJ
Typical home value
$1.64M
+11.2% in 12 months
Zillow, August 2026
Typical asking rent
$3,735/mo
Zillow Observed Rent Index
Zillow, August 2026
Median sale price
$1.27M
-57.7% year over year
Redfin, through May 2026
Days on market
94
Slow-moving
Redfin, through May 2026
Active listings
43
4.8 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$230,987
Home costs 7.1x income
U.S. Census ACS, 2023
Sale-to-list ratio
102.6%
Selling above asking
Redfin, through May 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Franklin Lakes a buyer's or seller's market?
Franklin Lakes, NJ is a balanced market, based on 4.8 months of supply and homes selling in about 94 days. 4 to 5 months of supply is the neutral band: neither side holds a structural advantage, and outcomes turn on the individual property.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Franklin Lakes housing market data show?
Every row below is Redfin's final published month for Franklin Lakes, NJ. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $1.27M |
| Median list price | $1.70M |
| Year-over-year price change | -57.7% |
| Median price per sq ft | $468/sq ft |
| Median days on market | 94 days |
| Active inventory | 43 listings |
| Months of supply | 4.8 months |
| Sale-to-list price ratio | 102.6% |
| Homes sold (that month) | 9 |
| New listings (that month) | 13 |
| Listings with a price cut | 14.0% |
| Market condition | Balanced market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Franklin Lakes is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Franklin Lakes is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Franklin Lakes home prices moved?
Over the last three years the median sale price in Franklin Lakes, NJ fell 15.6%, from $1.51M to $1.27M. The live Zillow value series has rose 11.2% in the last 12 months, which is the more current read now that Redfin's series has stopped. 14.0% of Franklin Lakes listings cut their asking price in the final Redfin month — a modest share, which is what a market looks like when sellers are pricing close to where homes actually clear. For prices to fall meaningfully from here, supply would have to keep building past 4.8 months while the sale-to-list ratio slips below its current 102.6%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
Get Franklin Lakes market alerts
Weekly updates on prices, inventory, and trends. Free forever.
What does it cost to buy a home in Franklin Lakes?
Priced off the typical home value of $1.64M at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $328,580 | $1.31M | $8,771/mo |
| 5% | $82,145 | $1.56M | $10,415/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $8,771, that implies roughly $375,888 a year before you add taxes and insurance. The median household in Franklin Lakes earns $230,987, about $144,901 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the typical home value to fit the 28% rule. That puts the price-to-income ratio at 7.1x — well above the 3x that was historically considered affordable, which is why down payment size drives who can buy here.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Franklin Lakes in the next 12 months?
Tell us your timeline. We send the Franklin Lakes market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Franklin Lakes?
Typical asking rent in Franklin Lakes, NJ is $3,735/mo, against a typical home value of $1.64M. That is a price-to-rent ratio of 36.7x, which means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Compared head to head, 20% down puts principal and interest at $8,771 a month — $5,036 more than renting before taxes and insurance, so the ownership case here rests on equity and appreciation rather than monthly cash flow.
Zillow, August 2026 for both value and rent
Add your own down payment, tax rate and time horizon in the rent vs. buy calculator.
Is inventory rising or falling in Franklin Lakes?
Active listings in Franklin Lakes, NJ went from 54 in May 2025 to 43 in May 2026, a -20.4% change. Falling inventory tightens competition. When supply drops while demand holds, sale-to-list ratios rise before the median sale price does.
| Month | Active listings | New listings |
|---|---|---|
| June 2025 | 56 | 12 |
| July 2025 | 56 | 18 |
| August 2025 | 49 | 6 |
| September 2025 | 53 | 13 |
| October 2025 | 46 | 13 |
| November 2025 | 47 | 7 |
| December 2025 | 36 | 4 |
| January 2026 | 39 | 10 |
| February 2026 | 37 | 6 |
| March 2026 | 39 | 15 |
| April 2026 | 42 | 19 |
| May 2026 | 43 | 13 |
Redfin, through May 2026
How does Franklin Lakes compare to New Jersey and the U.S.?
Franklin Lakes homes sell for $1.27M — 120% above the New Jersey median of $579,900. Against the national median of $410,700, Franklin Lakes runs 210% higher. Year-over-year, Franklin Lakes moved -57.7% against New Jersey's +3.7% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Franklin Lakes, NJ | $1.27M | -57.7% | 94 days |
| New Jersey statewide | $579,900 | +3.7% | 35 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Franklin Lakes
What buyers should watch
- Months of supply, currently 4.8. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 14.0%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $1,645 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $1.64M home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Franklin Lakes listing goes under contract in 94 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 102.6% of asking. Price at the number you want and let competition do the rest.
- In the last published month Franklin Lakes added 13 new listings against 9 sales — more competition arriving than clearing, so early timing matters.
- Your equity moved +11.2% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Franklin Lakes varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Franklin Lakes
There are currently 43 homes listed for sale in Franklin Lakes, New Jersey. The median listing price is $1.7M.
Active listings
43
Homes on market
Median list price
$1.7M
Avg. days on market
94
Days until sale
New this week
13
Newly listed
How much do homes cost in Franklin Lakes by property type?
How the Franklin Lakes, NJ market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $1.27M | $520/sq ft | 7 | 94 days |
| Condo / co-op | $929,000 | $468/sq ft | 1 | 155 days |
| Townhouse | $1.88M | not published | 1 | 47 days |
Who lives in Franklin Lakes?
American Community Survey estimates for Franklin Lakes. U.S. Census ACS, 2023
Population
11,011
Households
3,771
Median income
$230,987/yr
Median age
46.9 years
Owner-occupied
88.3%
Median home value
$1.22M
Median gross rent
$3,334/mo
Mean commute
36.5 min
88.3% of occupied homes in Franklin Lakes are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $1.22M against Zillow's $1.64M typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions. Census median gross rent (all leases, including long-held ones) is $3,334/mo, below Zillow's $3,735/mo asking rent on new leases — the difference is roughly what a mover pays over a stayer.
Which public schools serve Franklin Lakes?
5 schools tracked · 2,389 students
The largest public schools serving Franklin Lakes, NJ by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Ramapo High School
Grades 9-12 · 1,188 students
Franklin Avenue Middle School
Grades 6-8 · 377 students
High Mountain Road School
Grades PK-5 · 297 students
Woodside Avenue School
Grades K-5 · 281 students
Colonial Road School
Grades PK-5 · 246 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Franklin Lakes, NJ?
Ordered by distance from Franklin Lakes, not by size. Compare Franklin Lakes side by side with any of them.
Franklin Lakes housing market FAQ
Is Franklin Lakes a buyer's or seller's market?
Franklin Lakes, NJ is currently a balanced market. That read comes from 4.8 months of supply, homes going under contract in about 94 days, and sellers getting 102.6% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Franklin Lakes?
The typical home in Franklin Lakes, NJ is worth $1.64M (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $1.27M, about $468 per square foot.
Is Franklin Lakes cheaper than the rest of New Jersey?
Franklin Lakes's median sale price of $1.27M is 120% higher than the New Jersey statewide median of $579,900, and 210% above the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Franklin Lakes?
Homes in Franklin Lakes, NJ spent a median of 94 days on market before going under contract, versus 35 days statewide. Over two months means buyers have time to inspect, compare and negotiate. (Redfin, through May 2026.)
What income do you need to buy a home in Franklin Lakes?
At the current 30-year fixed rate of 7.03%, 20% down on a $1.64M home is about $8,771 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $375,888 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $230,987.
Are home prices rising in Franklin Lakes?
The typical home value in Franklin Lakes, NJ rose 11.2% over the last 12 months, from $1.48M to $1.64M (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Franklin Lakes?
Franklin Lakes ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Franklin Lakes?
That depends on your timeline, not on a headline. What the data says today: Franklin Lakes, NJ is a balanced market with 4.8 months of supply, the 30-year fixed rate is 7.03%, and the price-to-rent ratio of 36.7x means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Properties Incorporated publishes the data; it does not give financial advice.
Be the brokerage on this page
1 slot per pageGet featured on Franklin Lakes, NJ
Your logo, brokerage name, and direct link to your site — featured at the top of this page in front of every visitor researching this whole city. One brokerage, no rotation, no bidding war.
- Goes live in 24 hours
- Cancel anytime
- Do-follow backlink to your site
Keep researching Franklin Lakes
Nearby markets
Get the Franklin Lakes market brief
Get the Franklin Lakes, NJ market brief
One email: what homes are actually clearing at around $1.64M, how long they sit, which ZIPs run cheaper, and what to fix on your credit before you apply.