Farmington appreciation rates and housing market information

Farmington housing market information

With 37,612 people, 15,045 houses or apartments, and a median cost of homes of $193,525, 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 59.61% of the city's housing units. Other types of housing that are prevalent in Farmington include mobile homes or trailers (18.48%), duplexes, homes converted to apartments, or other small apartment buildings (9.05%), large apartment complexes or high rise apartments (8.79%), and a few row houses and other attached homes (3.60%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Farmington. Owner-occupied housing accounts for 63.75% of Farmington's homes, and 59.50% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Farmington built from 1970-1994, 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 from 1940-1969 (35.39%). A lesser amount of the housing stock also hails from 1995 and later (11.26%), and some were built from 1939 and earlier (11.26%).

Farmington home appreciation rates

Real estate appreciation rates in Farmington have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 7.35% 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 -1.35%, 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 1.61%, which equates to an annual appreciation rate of 6.44%.

Relative to New Mexico, our data show that Farmington's latest annual appreciation rate is higher than 43% 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 1990, to assist you in making the best Farmington real estate investment or home purchase decisions.