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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Farmington, MN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Farmington, MN Housing Market Trends

With 23,566 people, 8,122 houses or apartments, and a median cost of homes of $412,431, Farmington real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Farmington, accounting for 72.42% of the city's housing units. Other types of housing that are prevalent in Farmington include row houses and other attached homes ( 17.87%), large apartment complexes or high rise apartments ( 8.24%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.47%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Farmington. Owner-occupied housing accounts for 85.78% of Farmington's homes, and 63.41% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Farmington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Farmington built between 2000 and later ( 43.40%). A lesser amount of the housing stock also hails from between 1940-1969 ( 9.32%). There's also some housing in Farmington built before 1939 ( 3.03%).

Farmington Home Appreciation Rates

Real estate appreciation rates in Farmington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.51% during the period.

Over the last year, Farmington appreciation rates have trailed the rest of the nation. In the last twelve months, Farmington's appreciation rate has been 1.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Farmington were at -2.13%, which equates to an annual appreciation rate of -8.26%.

Notably, Farmington's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Minnesota, our data show that Farmington's latest annual appreciation rate is lower than 90% of the other cities and towns in Minnesota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Farmington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Farmington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Farmington real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$412,431

Farmington, MN Home Prices
> $1,197,000
$899,001 - $1,197,000
$599,001 - $899,000
$479,001 - $599,000
$359,001 - $479,000
$239,001 - $359,000
$120,001 - $239,000
$60,001 - $120,000
$0 - $60,000
0.2%
0.2%
0.3%
0.3%
4.7%
4.7%
21.6%
21.6%
31.0%
31.0%
31.9%
31.9%
8.3%
8.3%
0.3%
0.3%
1.5%
1.5%
0% 100.0%
% of Homes
Very High

for Minnesota

High

for nation

Number of Homes And Apartments:

8,122

Farmington Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,034 / per month

Homeownership Rate

Owners
Renters
85.8%
85.8%
14.2%
14.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.7%
2.7%
97.3%
97.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
43.4%
43.4%
44.3%
44.3%
9.3%
9.3%
3.0%
3.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
72.4%
72.4%
17.9%
17.9%
1.5%
1.5%
8.2%
8.2%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.4%
0.4%
6.3%
6.3%
19.3%
19.3%
29.4%
29.4%
34.0%
34.0%
10.6%
10.6%
0% 100.0%
% of Homes