Farmington, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Farmington Neighborhoods Since 2000




Farmington, MN 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 22,731, 7,640 total housing units (homes and apartments), and a median house value of $264,806, 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 72.52% of the city's housing units. Other types of housing that are prevalent in Farmington include row houses and other attached homes ( 19.44%), large apartment complexes or high rise apartments ( 6.16%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.88%).

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 86.85% of Farmington's homes, and 67.78% 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 ( 41.91%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.18%). There's also some housing in Farmington built before 1939 ( 4.96%).

Farmington Home Appreciation Rates

Farmington's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Farmington during the period has been just -1.01%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Farmington's appreciation rate, at 4.61%, has been at or slightly above the national average. In the latest quarter, Farmington's appreciation rate has been 1.44%, which annualizes to a rate of 5.89%.

Relative to Minnesota, our data show that Farmington's latest annual appreciation rate is higher than 50% of the other cities and towns in Minnesota.

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:
$264,806

Farmington, MN HOME PRICES

Value Range
> $1,194,000 0.3
$896,001 - $1,194,000 0.0
$597,001 - $896,000 0.1
$478,001 - $597,000 1.4
$358,001 - $478,000 11.4
$239,001 - $358,000 41.9
$119,001 - $239,000 38.6
$60,001 - $119,000 3.4
$0 - $60,000 2.7

Very High for MN
High for Nation

Value Relative to Nation Value Relative to State
20.414859955467 15.8110882956879

Number Of Homes And Apartments:
7,640

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
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
30.25% 1.54% 3 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,580 / per month

Homeownership Rate

Homeownership
Owners 86.85
Renters 13.15
Vacant 3.16

Housing Market Details

 

Age of Homes

AGE OF Farmington HOMES
2000 or Newer 41.9
1970 - 1999 43.0
1940 - 1969 10.2
1939 or Older 5.0

Types of Homes

TYPE OF Farmington HOMES
Single-Family 72.5
Townhomes 19.4
Small Apt. Buildings 1.9
Apt. Complexes 6.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Farmington HOMES
No Bedroom 0.32
1 Bedroom 4.49
2 Bedrooms 20.22
3 Bedrooms 34.34
4 Bedrooms 33.44
5 or more bedrooms 7.20