Farmington, NM 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, NM Housing Market Trends

With 44,372 people, 16,060 houses or apartments, and a median cost of homes of $214,681, Farmington real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Farmington, accounting for 60.31% of the city's housing units. Other types of housing that are prevalent in Farmington include mobile homes or trailers ( 19.39%), duplexes, homes converted to apartments or other small apartment buildings ( 9.70%), and a few large apartment complexes or high rise apartments ( 8.22%).

The most prevalent building size and type in Farmington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.80% owning and 38.20% renting.

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 1940-1969 ( 25.64%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.69%). There's also some housing in Farmington built before 1939 ( 1.77%).

Farmington Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Farmington, where house values have increased just 13.96%, which is annualized rate of 1.32%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

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 8.11%, 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 2.86%, which equates to an annual appreciation rate of 11.96%.

Relative to New Mexico, our data show that Farmington's latest annual appreciation rate is lower than 80% of the other cities and towns in New Mexico.

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:
$214,681

Farmington, NM HOME PRICES

> $1,153,000
0.7%
0.7%
$865,001 - $1,153,000
0.6%
0.6%
$576,001 - $865,000
2.9%
2.9%
$461,001 - $576,000
2.7%
2.7%
$346,001 - $461,000
8.2%
8.2%
$231,001 - $346,000
23.1%
23.1%
$115,001 - $231,000
39.5%
39.5%
$58,001 - $115,000
8.9%
8.9%
$0 - $58,000
13.3%
13.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for NM

Value Relative To Nation

Number Of Homes And Apartments:
16,060

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
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
69.24% 2.48%
3
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,084 / per month

Homeownership Rate

Owners
61.8%
61.8%
Renters
38.2%
38.2%
Vacant
9.9%
9.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
19.7%
19.7%
1970 - 1999
52.9%
52.9%
1940 - 1969
25.6%
25.6%
1939 or Older
1.8%
1.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
60.3%
60.3%
Townhomes
2.3%
2.3%
Small Apt. Buildings
9.7%
9.7%
Apt. Complexes
8.2%
8.2%
Mobile Homes
19.4%
19.4%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.2%
2.2%
1 Bedroom
6.1%
6.1%
2 Bedrooms
23.5%
23.5%
3 Bedrooms
48.3%
48.3%
4 Bedrooms
16.7%
16.7%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES