12 Franklin, TN Neighborhoods With Homes Under $1 Million
- Rachel Harper
- Aug 6
- 11 min read
If you have been looking at homes in Franklin, Tennessee, you may have started to wonder whether everything in town now costs $1.5 million.
It doesn’t, but buyers working with a budget under $1 million do need to know where to look.
Franklin’s median sale price for a single-family home was approximately $1.05 million during the 12 months ending in June 2026. However, roughly 46% of the single-family homes sold during that period closed below $1 million. In other words, Franklin may be expensive, but an under-$1-million budget still gives buyers real options.
The key is understanding the differences between neighborhoods. Some offer larger homes built in the 1990s and early 2000s. Others provide newer construction with smaller lots. And a few put you close to Downtown Franklin, where location often matters more than square footage.
Here are some of the Franklin neighborhoods buyers should consider when trying to stay below $1 million.
1. Fieldstone Farms
Fieldstone Farms is usually one of the first neighborhoods we recommend to buyers looking for value in Franklin.
Located on the northwestern side of town in the 37069 ZIP code, Fieldstone Farms is a large, established community with several distinct sections. That variety is important because it creates a wider range of home sizes and prices than buyers will find in many newer Franklin developments.
Over the 12 months ending in May 2026, the median sale price in Fieldstone Farms was approximately $682,000. Sales ranged from homes below $500,000, including attached properties, to larger detached homes approaching or exceeding $1 million.
Buyers can generally expect:
Homes built primarily in the 1990s and early 2000s
A mixture of detached homes, townhomes and condos
Mature landscaping
Sidewalks and neighborhood amenities
Convenient access to Hillsboro Road
A relatively short drive to Downtown Franklin
Fieldstone Farms has pools, tennis courts, walking trails, parks and a clubhouse. Because the community is so large, buyers should pay attention to the specific section, HOA structure and included amenities.
Homes in the lower price ranges may need cosmetic updates, while renovated homes and properties in premium sections can move much closer to or above the $1 million mark.
Typical opportunity: Approximately $600,000 to $950,000 for many detached homes, depending on size, section, lot and condition.
*Here are a few examples of available homes In Fieldstone Farms for under $1 million:
2. Franklin Green
Franklin Green is a strong option for buyers who want to stay close to Downtown Franklin without paying downtown prices.
Located west of the historic district, the neighborhood is known for its sidewalks, green space, community pool and Harpeth River access. Homes are generally smaller than those found in some of Franklin’s more expensive master-planned communities, but the location is difficult to beat.
During the most recent 12-month period, homes in Franklin Green reportedly sold from approximately $540,000 to $785,000, with a median near $630,000.
Buyers can generally expect:
Homes primarily built in the late 1990s and early 2000s
Approximately 1,500 to 2,800 square feet
Two-story traditional floor plans
Smaller, more manageable yards
A community pool, playground and walking areas
Convenient access to Downtown Franklin and Highway 96
Franklin Green can be especially attractive to buyers who would rather have a smaller home in a central location than a larger property farther from town.
Typical opportunity: Approximately $550,000 to $800,000.
*Here are a few examples of available homes In Franklin Green for under $1 million:
3. Sullivan Farms
Sullivan Farms is one of Franklin’s larger, more established neighborhoods and offers a surprisingly broad range of homes.
The community sits south of Downtown Franklin, near Mack Hatcher Parkway. It includes around 700 homes, with floor plans ranging from approximately 1,900 to more than 4,000 square feet. Many are traditional brick homes constructed during the 1990s and early 2000s.
Recent sales have commonly landed between the upper $600,000s and $900,000s, although larger and extensively renovated homes may exceed $1 million.
Buyers can generally expect:
Three- to five-bedroom homes
Mature trees and landscaping
Sidewalks and community green spaces
A neighborhood pool and playground
Convenient access to Downtown Franklin
Larger floor plans than some similarly priced neighborhoods
Sullivan Farms is particularly worth watching if you want 2,500 square feet or more without immediately crossing into Franklin’s luxury price range.
Typical opportunity: Approximately $700,000 to $950,000, with select homes below or above that range.
*Here are a few examples of available homes In Sullivan Farms for under $1 million:
4. McKay’s Mill
McKay’s Mill is a large master-planned community on Franklin’s eastern side, close to Cool Springs, I-65, shopping, restaurants and major employment centers.
Because the community contains multiple sections and several types of housing, prices vary considerably. Buyers may find townhomes and smaller detached homes well below $1 million, while the largest or most updated properties can exceed it.
The community includes a clubhouse, fitness center, pool, playgrounds, sidewalks and walking trails. Some daily conveniences are located within or immediately adjacent to the neighborhood.
Buyers can generally expect:
Homes built primarily in the 2000s
Townhomes, cottages and larger detached homes
Traditional architecture
Smaller lots in some sections
Extensive neighborhood amenities
Easy access to Cool Springs and I-65
McKay’s Mill is a good fit for buyers who prioritize convenience and amenities over having a large lot. At the time of writing, examples of detached homes in the neighborhood were listed from the mid-$700,000s into the $800,000s.
Typical opportunity: Approximately $650,000 to $950,000 for many attached and detached options.
*Here are a few examples of available homes In McMay's Mill for under $1 million:
5. Forrest Crossing
Forrest Crossing is an established golf-course community located southeast of Downtown Franklin.
The neighborhood was developed over several decades, so buyers will find a mixture of home sizes, architectural styles and levels of renovation. The mature landscaping gives Forrest Crossing a different feel from Franklin’s newer developments.
Recent sales have ranged from the low $600,000s for smaller or less-updated homes to more than $1 million for fully renovated properties. The recent neighborhood median was around $705,000.
Buyers can generally expect:
Homes built primarily from the 1970s through the 1990s
Mature trees and established streets
One- and two-story floor plans
Community pool and tennis facilities
Golf-course and cul-de-sac properties
Convenient access to Downtown Franklin and Cool Springs
Condition matters considerably here. One home may retain most of its original finishes, while another with a similar floor plan has been completely remodeled and priced hundreds of thousands of dollars higher.
Typical opportunity: Approximately $600,000 to $950,000, with renovated and premium-lot homes sometimes exceeding $1 million.
*Here are a few examples of available homes In Forrest Crossing for under $1 million:
6. Dallas Downs
Dallas Downs is located south of Mack Hatcher Parkway, near Lewisburg Pike. It is an established neighborhood with mature landscaping and a broad mix of home sizes.
Homes were primarily built between 1990 and 1996 and range from approximately 1,600-square-foot, one-level properties to homes approaching 4,000 square feet. The neighborhood also includes a pool, playground, tennis courts and green space.
As of July 2026, the median list price was approximately $699,000, although larger homes and extensively renovated properties were listed closer to $1 million.
Buyers can generally expect:
Traditional homes built in the early 1990s
Mature yards and landscaping
A variety of one- and two-story plans
Community recreational amenities
Convenient access to the interstate, Berry Farms and Downtown Franklin
More square footage for the money than in some newer communities
Typical opportunity: Approximately $600,000 to $950,000.
*Here are a few examples of available homes In Dallas Downs for under $1 million:
7. Founders Pointe
Founders Pointe is another established neighborhood offering convenient access to Downtown Franklin.
The community contains approximately 365 homes, generally ranging from about 1,800 to 3,600 square feet. Most were built between 1994 and 1999. Neighborhood amenities include a pool, clubhouse, park and playground.
Recent asking prices have commonly ranged from the upper $500,000s to the upper $700,000s, with larger, renovated or premium-lot properties occasionally priced higher.
Buyers can generally expect:
Traditional 1990s construction
Approximately three to five bedrooms
Manageable lot sizes
Mature neighborhood landscaping
Community amenities
Quick access to Downtown Franklin
Founders Pointe is located within the Franklin Special School District for elementary and middle school. Properties inside that district are subject to an additional city school tax, so buyers should account for that when estimating their total monthly payment.
Typical opportunity: Approximately $600,000 to $850,000.
*Here are a few examples of available homes In Founders Pointe for under $1 million:
8. Maplewood
Maplewood is an established neighborhood close to Mack Hatcher Parkway and south of Downtown Franklin.
Homes here were generally built during the 1980s and 1990s. You will find traditional architecture, mature trees and floor plans that often provide more interior space than similarly priced newer homes.
Recent examples include homes selling in the low $700,000s, including properties between roughly 2,400 and 2,800 square feet.
Buyers can generally expect:
Traditional brick or partial-brick homes
Mature yards
Established streets and landscaping
One- and two-story options
Convenient access to shopping and Downtown Franklin
Opportunities to add value through renovation
As with many established Franklin communities, buyers should look beyond countertops and paint colors. Roofs, windows, HVAC systems, drainage and crawlspace conditions can make a much bigger difference to the real cost of a home.
Typical opportunity: Approximately $650,000 to $850,000.
*Here are a few examples of available homes In Maplewood for under $1 million:
9. Falcon Creek
Falcon Creek is one of Franklin’s more attainable detached-home neighborhoods.
Located off South Carothers Parkway on Franklin’s eastern side, it offers convenient access to I-65, Berry Farms and Cool Springs. Homes tend to be smaller than those in nearby luxury developments, which helps keep prices comparatively affordable.
The neighborhood’s recent median price was reported at approximately $568,000.
Buyers can generally expect:
Detached homes with roughly 1,500 to 2,500 square feet
Traditional 1990s construction
Smaller lots
A community pool
Easy access to South Carothers Parkway
One of the lower entry prices for a detached Franklin home
Falcon Creek can be a good option for first-time Franklin buyers, downsizers or anyone who values location more than having a large home.
Typical opportunity: Approximately $500,000 to $700,000.
*Here are a few examples of available homes In Falcon Creek for under $1 million:
10. Polk Place
Polk Place sits near Columbia Avenue, just a few miles south of Downtown Franklin. It offers larger homes than many of the neighborhoods on this list, but buyers can still find options below $1 million.
Recent sales ranged from the upper $600,000s for homes needing renovation to the mid-$900,000s for updated properties. The recent neighborhood median was approximately $896,000. Fully renovated homes and some of the largest floor plans sold above $1 million.
Buyers can generally expect:
Homes built primarily from the mid-1990s through early 2000s
Larger floor plans, often exceeding 2,500 square feet
Traditional brick architecture
Mature landscaping
Convenient access to Downtown Franklin
A wide price difference between original and renovated homes
Polk Place is one of the neighborhoods where a budget close to $1 million can go further, particularly if the buyer is comfortable making cosmetic improvements over time.
Typical opportunity: Approximately $750,000 to $1 million.
*Here are a few examples of available homes In Polk Place for under $1 million:
11. Ladd Park
Ladd Park, also known as The Highlands at Ladd Park, is a large master-planned community on Franklin’s southeastern side.
It offers newer homes, walking trails, pools, parks, playgrounds and access to the Harpeth River. The community has several sections, and pricing varies significantly depending on the builder, age, size and location of the home.
Many larger homes now list above $1 million, but smaller homes, earlier phases and properties without extensive upgrades can still appear below that mark.
Buyers can generally expect:
Homes primarily built from the late 2000s forward
Newer layouts and finishes
Community pools and recreational amenities
Sidewalks and walking trails
Smaller lots than many older Franklin neighborhoods
Convenient access to Berry Farms and I-65
Ladd Park inventory under $1 million can be inconsistent. Buyers who want this community should have a saved search in place and be ready when a suitable property becomes available.
Typical opportunity: Approximately $800,000 to $1 million for select homes.
*Here are a few examples of available homes In Ladd Park for under $1 million:
12. Waters Edge
Waters Edge is a newer community near the intersection of Highway 96 and Carothers Parkway.
The neighborhood appeals to buyers who want newer construction, modern floor plans and community amenities without moving too far from Franklin’s central shopping and employment areas. Recent listing examples have appeared in the upper $800,000s, although larger or highly upgraded homes may cross $1 million.
Buyers can generally expect:
Newer construction
Open-concept floor plans
Community pool and walking areas
Smaller, lower-maintenance yards
Convenient access to I-65, Berry Farms and Cool Springs
Less immediate renovation work than in many older neighborhoods
Typical opportunity: Approximately $800,000 to $1 million.
*Here are a few examples of available homes In Waters Edge for under $1 million:
Can You Buy Near Downtown Franklin for Under $1 Million?
Yes, but there are trade-offs.
A budget below $1 million may occasionally uncover a smaller historic home, an older property needing renovation, a townhouse or a home just outside the most walkable portion of downtown. Fully restored historic houses and newer luxury infill generally sell well above this price point.
Buyers who want to be close to Main Street should also look at Franklin Green, Founders Pointe, Polk Place, Maplewood, Forrest Crossing and Sullivan Farms. These neighborhoods provide relatively quick access to downtown without the same historic-district premium.
*Here are a few examples of available homes near Downtown Franklin for under $1 million:
What About Westhaven?
Westhaven should not be completely eliminated from an under-$1-million search, but expectations need to be realistic.
The community’s overall median sale price is now well above $1 million, and larger detached homes commonly sell substantially above that amount. However, cottages, townhomes, condos, age-qualified properties and occasional smaller detached homes may still become available below $1 million.
If Westhaven is the goal, buyers may need to compromise on square footage, lot size, property type or level of updating.
*Here are a few examples of available homes In Westhaven for under $1 million:
What Does an Under-$1-Million Budget Typically Buy in Franklin?
Although every neighborhood is different, buyers can generally expect the following:
Below $600,000
Options are more limited. This range will primarily include townhomes, condos, smaller detached homes, properties needing improvements and occasional opportunities in neighborhoods such as Falcon Creek, Franklin Green or Fieldstone Farms.
$600,000 to $750,000
This range opens the door to more detached homes. Buyers may find properties in Franklin Green, Fieldstone Farms, Founders Pointe, Maplewood, Dallas Downs, Forrest Crossing and parts of McKay’s Mill.
$750,000 to $900,000
Buyers will have access to larger homes, better-updated properties and more neighborhood choices. Sullivan Farms, McKay’s Mill, Polk Place, Waters Edge and some sections of Ladd Park may enter the conversation.
$900,000 to $1 Million
At this level, buyers may find larger or renovated homes in established neighborhoods, newer homes in east or south Franklin and occasional opportunities in communities that normally trade above $1 million.
Important Things to Consider Before Choosing a Neighborhood
Renovation costs
A $750,000 home that needs a roof, windows, HVAC systems, flooring and a new kitchen may ultimately cost more than an updated home priced at $850,000.
HOA fees and amenities
Franklin HOA fees vary substantially. Confirm what the fee includes, whether the community has additional transfer or initiation charges and whether major assessments are being considered.
School zoning
School boundaries can change and should never be assumed based solely on a neighborhood name or an online listing. Buyers should verify the assigned schools directly with the applicable school district before purchasing.
Some Franklin properties are served by the Franklin Special School District for elementary and middle school, while others are served entirely by Williamson County Schools. Properties within the special district may also carry an additional property tax.
Commute and interstate access
A Franklin address does not automatically mean a short commute. Homes west of Downtown Franklin can feel very different from homes near I-65 or Cool Springs, particularly during peak traffic.
Age and condition
Many of Franklin’s best under-$1-million opportunities were built between the 1980s and early 2000s. A thorough inspection and a realistic budget for future maintenance is essential.
The Bottom Line
Buying a home in Franklin for under $1 million is still possible. The best opportunities tend to be found in established neighborhoods such as Fieldstone Farms, Franklin Green, Sullivan Farms, Forrest Crossing, Dallas Downs, Founders Pointe, Maplewood and Falcon Creek.
Buyers with budgets closer to $1 million can also consider McKay’s Mill, Polk Place, Waters Edge, select Ladd Park homes and occasional opportunities in Westhaven.
The biggest mistake is searching only by city and price. Franklin’s neighborhoods differ considerably in location, housing style, amenities, lot size, taxes and renovation needs. The right strategy is to identify two or three areas that fit your lifestyle and then monitor those neighborhoods closely.
If you are considering a move to Franklin, The Harper Home Team can help you compare the neighborhoods, understand what your budget will realistically buy and set up a search for homes, including properties that may be coming soon. Set up your free neighborhood consultation here.
*Pricing reflects recent market activity available in August 2026 and represents general ranges, not guaranteed availability. Prices, HOA fees, school zones and inventory can change. Buyers should verify all property-specific information before purchasing.
Comments