Farmington, CT 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, CT Housing Market Trends

With a population of 25,497, 10,463 total housing units (homes and apartments), and a median house value of $373,723, 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 62.38% of the town's housing units. Other types of housing that are prevalent in Farmington include large apartment complexes or high rise apartments ( 15.33%), row houses and other attached homes ( 11.12%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 11.10%).

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 71.82% of Farmington's homes, and 55.75% 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 1940-1969 ( 27.38%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.60%). There's also some housing in Farmington built before 1939 ( 8.36%).

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 15.07%, which is annualized rate of 1.41%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Farmington's appreciation rate, at 9.49%, has been at or slightly above the national average. In the latest quarter, Farmington's appreciation rate has been 3.30%, which annualizes to a rate of 13.86%.

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

One very important thing to keep in mind is that these are average appreciation rates for the town. 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:
$373,723

Farmington, CT HOME PRICES

> $1,142,000
2.3%
2.3%
$856,001 - $1,142,000
5.4%
5.4%
$571,001 - $856,000
11.9%
11.9%
$456,001 - $571,000
14.2%
14.2%
$343,001 - $456,000
23.8%
23.8%
$229,001 - $343,000
26.6%
26.6%
$114,001 - $229,000
14.4%
14.4%
$57,001 - $114,000
0.7%
0.7%
$0 - $57,000
0.7%
0.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for CT

Value Relative To Nation

Number Of Homes And Apartments:
10,463

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CT*
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
60.22% 2.22%
7
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,997 / per month

Homeownership Rate

Owners
71.8%
71.8%
Renters
28.2%
28.2%
Vacant
4.7%
4.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.6%
14.6%
1970 - 1999
49.7%
49.7%
1940 - 1969
27.4%
27.4%
1939 or Older
8.4%
8.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
62.4%
62.4%
Townhomes
11.1%
11.1%
Small Apt. Buildings
11.1%
11.1%
Apt. Complexes
15.3%
15.3%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.8%
2.8%
1 Bedroom
9.7%
9.7%
2 Bedrooms
25.5%
25.5%
3 Bedrooms
33.6%
33.6%
4 Bedrooms
22.1%
22.1%
5 or more bedrooms
6.2%
6.2%
0.0% 100.0%
% OF HOMES