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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 9,336 people, 2,716 houses or apartments, and a median cost of homes of $339,268, Farmington real estate is some of the most expensive in Arkansas, 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 81.58% of the city's housing units. Other types of housing that are prevalent in Farmington include duplexes, homes converted to apartments or other small apartment buildings ( 8.17%), large apartment complexes or high rise apartments ( 5.63%), and a few row houses and other attached homes ( 3.09%).
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 75.81% of Farmington's homes, and 83.58% 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 ( 39.30%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.73%).
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 109.57%, which ranks in the top 30% nationwide. This equates to an annual average Farmington house appreciation rate of 7.68%.
Appreciation rates are so strong in Farmington that despite a nationwide downturn in the housing market, Farmington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Farmington appreciation rates continue to be some of the highest in America, at 7.44%, which is higher than appreciation rates in 78.79% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Farmington. Farmington appreciation rates in the latest quarter were at -0.34%, which equates to an annual appreciation rate of -1.36%.
Relative to Arkansas, our data show that Farmington's latest annual appreciation rate is higher than 90% of the other cities and towns in Arkansas.
$339,268
for Arkansas
for nation
2,716
$1,625 / per month