Farmington, AR
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Farmington, AR Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Farmington Housing Market Information

With a population of 6,701, 2,368 total housing units (homes and apartments), and a median house value of $188,578, 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 75.94% 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 ( 11.83%), row houses and other attached homes ( 7.21%), and a few large apartment complexes or high rise apartments ( 2.86%).

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 58.87% owning and 41.13% 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 2000 and later ( 34.13%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.83%). There's also some housing in Farmington built before 1939 ( 2.70%).

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 0.40%, which ranks in the top 50% nationwide. This equates to an annual average Farmington house appreciation rate of 0.04%.

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 8.12%, which is higher than appreciation rates in 87.29% 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 3.26%, which equates to an annual appreciation rate of 13.71%.

Importantly, this makes Farmington one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$188,578

Farmington, AR HOME PRICES

Value Range
> $1,186,000 0.6
$890,001 - $1,186,000 0.2
$593,001 - $890,000 1.7
$475,001 - $593,000 0.9
$356,001 - $475,000 6.9
$237,001 - $356,000 26.7
$118,001 - $237,000 43.3
$59,001 - $118,000 13.7
$0 - $59,000 6.0

Very High for AR
High for Nation

Value Relative to Nation Value Relative to State
35.2748154224774 4.57746478873239

Number Of Homes And Apartments:
2,368

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AR*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
42.35% 2.07% 7 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,036 / per month

Homeownership Rate

Homeownership
Owners 58.87
Renters 41.13
Vacant 7.21

Housing Market Details

 

Age of Homes

AGE OF Farmington HOMES
2000 or Newer 34.1
1970 - 1999 49.3
1940 - 1969 13.8
1939 or Older 2.7

Types of Homes

TYPE OF Farmington HOMES
Single-Family 75.9
Townhomes 7.2
Small Apt. Buildings 11.8
Apt. Complexes 2.9
Mobile Homes 2.2
Other 0.0

Home Size

SIZE OF Farmington HOMES
No Bedroom 1.14
1 Bedroom 4.74
2 Bedrooms 9.52
3 Bedrooms 61.64
4 Bedrooms 18.46
5 or more bedrooms 4.51

Popular Neighborhoods in Farmington

Zip Codes in Farmington, AR