Farmington, UT 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 Q1 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, UT Housing Market Trends

With 25,339 people, 6,750 houses or apartments, and a median cost of homes of $493,902, 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 ( 78.44%).

Farmington homes and real estate are some of the newest in America. 52.68% of Farmington's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Farmington real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 39.14%), and between 1940-1969 ( 5.19%). There's also some housing in Farmington built before 1939 ( 2.99%).

Farmington Home Appreciation Rates

In the last 10 years, Farmington has experienced some of the highest home appreciation rates of any community in the nation. Farmington real estate appreciated 73.96% over the last ten years, which is an average annual home appreciation rate of 5.69%, putting Farmington in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Farmington definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 9.52%, which is higher than appreciation rates in 87.49% 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 3.42%, which equates to an annual appreciation rate of 14.40%.

Importantly, NeighborhoodScout’s exclusive research found that Farmington's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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:
$493,902

Farmington, UT HOME PRICES

> $1,304,000
4.7%
4.7%
$978,001 - $1,304,000
5.6%
5.6%
$652,001 - $978,000
13.8%
13.8%
$522,001 - $652,000
20.1%
20.1%
$391,001 - $522,000
31.8%
31.8%
$261,001 - $391,000
19.8%
19.8%
$130,001 - $261,000
4.0%
4.0%
$65,001 - $130,000
0.0%
0.0%
$0 - $65,000
0.1%
0.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for UT

Value Relative To Nation

Number Of Homes And Apartments:
6,750

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
113.17% 3.63%
6
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,668 / per month

Homeownership Rate

Owners
78.4%
78.4%
Renters
21.6%
21.6%
Vacant
4.8%
4.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
52.7%
52.7%
1970 - 1999
39.1%
39.1%
1940 - 1969
5.2%
5.2%
1939 or Older
3.0%
3.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
79.5%
79.5%
Townhomes
6.1%
6.1%
Small Apt. Buildings
5.2%
5.2%
Apt. Complexes
8.7%
8.7%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.0%
0.0%
1 Bedroom
3.1%
3.1%
2 Bedrooms
14.3%
14.3%
3 Bedrooms
20.3%
20.3%
4 Bedrooms
27.2%
27.2%
5 or more bedrooms
35.1%
35.1%
0.0% 100.0%
% OF HOMES