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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 23,091 people, 7,790 houses or apartments, and a median cost of homes of $337,184, Farmington real estate is some of the most expensive in Minnesota, although Farmington home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Farmington, accounting for 72.05% of the city's housing units. Other types of housing that are prevalent in Farmington include row houses and other attached homes ( 18.98%), large apartment complexes or high rise apartments ( 7.69%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.29%).

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 85.94% of Farmington's homes, and 63.21% have either three or four bedrooms, which is average sized relative to America.

Farmington homes and real estate are some of the newest in America. 43.69% of Farmington's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Farmington real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 43.37%), and between 1940-1969 ( 8.83%). There's also some housing in Farmington built before 1939 ( 4.12%).

Farmington Home Appreciation Rates

Appreciation rates for homes in Farmington have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 61.27%, which ranks in the top 30% nationwide. This equates to an annual average Farmington house appreciation rate of 4.90%.

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 7.36%, 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 2.34%, which equates to an annual appreciation rate of 9.70%.

Relative to Minnesota, our data show that Farmington's latest annual appreciation rate is lower than 60% 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:
$337,184

Farmington, MN HOME PRICES

> $1,223,000
0.6%
0.6%
$917,001 - $1,223,000
0.0%
0.0%
$612,001 - $917,000
1.3%
1.3%
$489,001 - $612,000
5.4%
5.4%
$367,001 - $489,000
24.3%
24.3%
$245,001 - $367,000
41.4%
41.4%
$122,001 - $245,000
23.7%
23.7%
$61,001 - $122,000
1.6%
1.6%
$0 - $61,000
1.7%
1.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for MN

Value Relative To Nation

Number Of Homes And Apartments:
7,790

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
64.39% 2.34%
3
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,022 / per month

Homeownership Rate

Owners
85.9%
85.9%
Renters
14.1%
14.1%
Vacant
2.5%
2.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
43.7%
43.7%
1970 - 1999
43.4%
43.4%
1940 - 1969
8.8%
8.8%
1939 or Older
4.1%
4.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.0%
72.0%
Townhomes
19.0%
19.0%
Small Apt. Buildings
1.3%
1.3%
Apt. Complexes
7.7%
7.7%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.9%
0.9%
1 Bedroom
4.5%
4.5%
2 Bedrooms
20.2%
20.2%
3 Bedrooms
31.8%
31.8%
4 Bedrooms
31.4%
31.4%
5 or more bedrooms
11.2%
11.2%
0.0% 100.0%
% OF HOMES