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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.”
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Franklin Lakes, NJ Housing Market & Real Estate
Housing market overview · Updated monthly ·
$1.27Mmedian sale price
How is the Franklin Lakes, NJ housing market right now?
The median home sale price in Franklin Lakes, NJ is $1.27M, down 57.7% year-over-year. Homes sell in an average of 94 days with 43 active listings. The market is currently a balanced market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Franklin Lakes a buyer's or seller's market?
Franklin Lakes, NJ is currently a balanced market, based on 4.8 months of supply and homes selling in about 94 days. How we determine this →
Homes sold
9
Last 12 weeks
Days on market
94
Average pace
Active listings
43
4.8 months supply
Sale-to-list
102.6%
Above asking
What does the Franklin Lakes housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $1.27M |
| Median list price | $1.70M |
| Year-over-year price change | -57.7% |
| Average days on market | 94 days |
| Active inventory | 43 listings |
| Months of supply | 4.8 months |
| Sale-to-list price ratio | 102.6% |
| Median price per sq ft | $468/sq ft |
| Homes sold (latest month) | 9 |
| New listings (latest month) | 13 |
| Listings with a price cut | 14.0% |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
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.
| 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 | — | 1 | 47 days |
Source: Redfin · Updated monthly
The Franklin Lakes housing market is currently classified as a balanced market with a median sale price of $1.27M. Prices have fallen 57.7% compared to last year, with homes spending an average of 94 days on market, indicating 4.8 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 7.1x provides context for how home values compare to local earning capacity.
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
Who lives in Franklin Lakes?
Population
11,011
Median income
$230,987/yr
Median age
46.9 years
Owner-occupied
88.3%
College grads
78.9%
Avg commute
36.5 min
Source: U.S. Census Bureau ACS
What are homes worth in Franklin Lakes?
Zillow home value
$1.63M
Zillow rent index
$3,163/mo
Price-to-rent ratio
43.0x
Price-to-income
7.1x
Source: Zillow Research
What is it like to live in Franklin Lakes?
Franklin Lakes is a community of approximately 11K residents with a median age of 46.9 years.The median household income is $230,987, which reflects a relatively affluent area with strong earning potential. 78.9% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 88.3%, reflecting strong community stability and long-term resident commitment. The average commute time is 36.5 minutes, which suggests a more suburban or rural location for those willing to commute longer distances.Overall, Franklin Lakes offers a balanced lifestyle with accessible home values relative to local income levels.
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?
Want a head-to-head view? Compare Franklin Lakes side-by-side with any other U.S. city using our market-comparison tool.
Is Franklin Lakes a good real estate investment market?
For investors evaluating Franklin Lakes, the price-to-rent ratio of 43.0x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has softened 57.7% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Franklin Lakes's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Franklin Lakes's median home price.
Frequently asked questions
What is the average home price in Franklin Lakes?
The median home sale price in Franklin Lakes is $1.27M, down 57.7% from last year.
How long do homes stay on market in Franklin Lakes?
Homes typically spend 94 days on market before going under contract.
What is the median income in Franklin Lakes?
The median household income is $230,987 per year.
Is Franklin Lakes a buyer's or seller's market?
With 4.8 months of supply, Franklin Lakes is currently a balanced market.
What is the Zillow home value estimate for Franklin Lakes?
The Zillow Home Value Index (ZHVI) for Franklin Lakes is $1.63M, representing the typical home value in the area.
What is the median condo price in Franklin Lakes?
The median condo/co-op sale price in Franklin Lakes, NJ is $929,000, compared to $1.27M for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Franklin Lakes?
The median single-family home price in Franklin Lakes, NJ is $1.27M (about $520 per square foot).
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