Farmington, UT
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Farmington Neighborhoods Since 2000




Farmington, UT 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 22,566 people, 6,096 houses or apartments, and a median cost of homes of $357,972, Farmington house prices are not only among the most expensive in Utah, Farmington real estate also is some of the most expensive in all of America.

Farmington is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Farmington than is found in 98% of the communities in America.

The large homes that make up Farmington are primarily owner-occupied ( 82.49%).

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 ( 46.21%). A lesser amount of the housing stock also hails from between 1940-1969 ( 4.52%). There's also some housing in Farmington built before 1939 ( 2.73%).

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 11.48%, which ranks in the top 30% nationwide. This equates to an annual average Farmington house appreciation rate of 1.09%.

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 7.08%, which is higher than appreciation rates in 81.82% 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 1.99%, which equates to an annual appreciation rate of 8.18%.

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 Utah, our data show that Farmington's latest annual appreciation rate is lower than 60% of the other cities and towns in Utah.

Average Home Values

 

Median Home Value:
$357,972

Farmington, UT HOME PRICES

Value Range
> $1,205,000 2.4
$904,001 - $1,205,000 2.8
$602,001 - $904,000 8.3
$482,001 - $602,000 11.9
$361,001 - $482,000 23.9
$241,001 - $361,000 35.6
$120,001 - $241,000 13.8
$60,001 - $120,000 0.2
$0 - $60,000 1.2

Very High for UT
Very High for Nation

Value Relative to Nation Value Relative to State
11.61373491152 14.0939597315436

Number Of Homes And Apartments:
6,096

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
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
53.68% 2.52% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,386 / per month

Homeownership Rate

Homeownership
Owners 82.49
Renters 17.51
Vacant 3.36

Housing Market Details

 

Age of Homes

AGE OF Farmington HOMES
2000 or Newer 46.2
1970 - 1999 46.5
1940 - 1969 4.5
1939 or Older 2.7

Types of Homes

TYPE OF Farmington HOMES
Single-Family 76.5
Townhomes 10.7
Small Apt. Buildings 4.6
Apt. Complexes 7.1
Mobile Homes 1.1
Other 0.0

Home Size

SIZE OF Farmington HOMES
No Bedroom 0.00
1 Bedroom 3.74
2 Bedrooms 14.52
3 Bedrooms 23.00
4 Bedrooms 26.35
5 or more bedrooms 32.39