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Is Franklin, IL 62638 a buyer’s or seller’s market?

3 months ending August 31, 2026 · Source: Redfin

Franklin is a balanced market. With about null months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.

Months of supply—Under 4 months = seller’s market
Sold above original list0%Share of sales, last 3 months
Median sale-to-list100%Sold price ÷ list price
Median days on market272Listing to accepted offer
Median price per sq ft$61▼ −26.9% vs. last year

The Franklin housing market right now

In the three months ending August 31, 2026, 0% of homes in Franklin, IL 62638 sold above their list price and the typical home went under contract in 272 days. With only 1 sale, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking fell from 50%, homes sold more slowly (22 days then) and the median sale price fell 40% to $77,466. Overall, Franklin is less competitive than a year ago, which gives buyers more room.

Within Morgan County, homes here sell more slowly, and less often over asking, than in any other ZIP code in the county.

Nearby, Chapin 62628 (50% sold over asking) and Murrayville 62668 (50% sold over asking) are even more competitive.

Run the numbers for 62638

Prefilled for 62638Can I win this house?Multiple-offer likelihood for a listing Prefilled for 62638Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Alexander 62601 — /sq ftChapin 62628 $55 /sq ftConcord 62631 $79 /sq ftJacksonville 62650Seller’s market $90 /sq ft Browse all markets →

Towns like Franklin nearby

Find towns like Franklin in other states →
Virginia, IL62691 · 24 miles away90% similarlarger Bluffs, IL62621 · 25 miles away90% similarcheaper homes ($29K less) Edinburg, IL62531 · 38 miles away88% similarVery close on income, prices and more Morrisonville, IL62546 · 37 miles away84% similarmore homeowners · older homes

Where Franklin is

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Questions about Franklin real estate

How fast do homes sell in Franklin?

The typical home went under contract in 272 days in the latest three months.

Do homes in Franklin sell over asking?

0% of homes sold above their original list price, and the typical sale closed at 100.0% of the list price.

What are property taxes in Franklin?

About 1.76% of a home’s value a year in Morgan County, or roughly $7,040 on a $400,000 home.

What is the median home price in Franklin?

The median sale price was $77,466 in the three months ending August 31, 2026, about $61 per square foot.

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology