The story of this market
The typical home in ZIP 46131 sells for about $285,000, or $174 per square foot.
Prices are up +6% from a year ago, so sellers still have some momentum. Homes take about 29 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $1,177 a month.
ZIP 46131 — Franklin
The Franklin housing market remains competitive with steady price appreciation and moderate inventory levels. Demand is supported by its status as a growing suburb of Indianapolis, though rising interest rates have tempered the pace of sales compared to previous years.
This ZIP is well-suited for families and commuters seeking a balance between small-town community living and access to the Indianapolis employment core.
Median prices moved up 6.0% year over year.
Homes spend a median of 29 days on market with 8.2 months of supply — a balanced-paced market.
35% of listings have cut prices · homes sell at 98.5% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.0% · poverty 9.8% — a stable, low-distress profile.
versus the prior ACS vintage
ZCTA 46131, Johnson County, IN
Franklin Community School Corporation serves the area, generally maintaining stable performance ratings within the regional context.
The area is subject to standard Midwestern climate risks, including severe thunderstorms and occasional flooding in low-lying areas near the Big Blue River.
Franklin serves as a growing residential and commercial hub in Johnson County, benefiting from its proximity to Indianapolis and ongoing expansion of local industrial and retail sectors.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Indiana) — Ad Valorem Property Assessment: Property is assessed at 100% of true tax value, determined by market-based assessment systems and annual adjustments. State (Indiana) — Standard Homestead Deduction: Removes the first $45,000 of the homestead's assessed value from taxation. State (Indiana) — Indiana Property Tax Caps (Circuit Breaker): Limits annual property tax liability to 1% of gross assessed value for principal residences, 2% for other residential property, and 3% for non-residential property.
Residents primarily commute to Indianapolis via I-65, with typical drive times ranging from 30 to 45 minutes depending on traffic conditions.
The area features several local parks, including Province Park and the Franklin Greenway Trail, alongside proximity to the Hillview Country Club and various downtown shopping districts.
The rental market is characterized by steady demand driven by the local university and proximity to Indianapolis, with moderate vacancy pressure.
The local economy is anchored by education, healthcare, and manufacturing, with Franklin College serving as a significant institutional employer.
The area is primarily served by I-65, providing a direct corridor to Indianapolis, with limited public transit options available.
Ongoing residential expansion is concentrated in the southern and eastern fringes of the city, with continued infrastructure upgrades to support growth.
The Johnson County Assessor manages property valuations, with assessments typically updated annually to reflect market changes.
Parcels are subject to Franklin Community School Corporation taxes and various municipal utility districts.
Property insurance premiums are influenced by regional weather patterns, with standard coverage for wind and hail being typical.
Data retrieved from US Census Bureau and ZIP-Codes.com.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
A central community park offering recreational facilities and green space.
A multi-use trail system connecting various parts of the city.
A private golf and social club serving the local area.
Key-figure check: median price corroborated by the published ten-year series (2025) (within 12.5%).