Farmington, CT—06032
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Farmington, CT
Home Price Trends — Farmington, CT
As of Oct '25, the median home price in Farmington, CT is $466,000, with a year-over-year change of 3.4%. This indicates that home prices in Farmington, CT are increasing. According to Zillow, the 1-year price projection is 3.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $466,000 | 3.4% |
| Single Family | $558,000 | 3.7% |
| Condos | $329,000 | 5.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $195,000 | 5.4% |
2 Bed | $320,000 | 5.3% |
3 Bed | $474,000 | 3.7% |
4 Bed | $677,000 | 3.4% |
| 5 Bed | $1,089,000 | 3.9% |
% of Housing Stock
Rental Trends — Farmington, CT
As of July '25, Rentcast reports the average rent in Farmington, CT is $2,990, with a year-over-year rent change of -49.3%. Per bedroom, the median rent as of July '25 in Farmington, CT is studios: $1,990, 1-bedrooms: $1,810, 2-bedrooms: $2,690, 3-bedrooms: $3,280, 4-bedrooms: $5,150. The most common rental property sizes in Farmington, CT are 2-bedroom and 1-bedroom, accounting for 43.9% and 26.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,750 | $2,990 |
| Studio Rent | $1,780 | $1,990 |
| 1 Bed Rent | $1,800 | $1,810 |
| 2 Bed Rent | $2,700 | $2,690 |
| 3 Bed Rent | $3,200 | $3,280 |
| 4 Bed Rent | $4,750 | $5,150 |
% of Rental Stock
Property Listings — Farmington, CT
As of Oct '25, Realtor.com reports that the median days on market for a home in Farmington, CT is 36. This is a decrease of -18.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $585,000 | -8.0% |
Listing Count | 50 | -8.0% |
| Listings as % of Homes | 0.5% | -8.0% |
Days on Market | 36 | -18.0% |
Demographics — Farmington, CT
As of the latest ACS Survey released in 2023, Farmington, CT has a population of 18,600, which has increased by 5.8% over the past 5 years. Farmington, CT is a moderately popular place for families, as children make up 17.9% of the population. The area has a highly educated workforce, with 66.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,600 | 5.8% |
% Under 18 | 17.9% | -8.2% |
% Seniors | 21.7% | 0.9% |
% WFH | 20.8% | 205.9% |
% w/ College Degree | 66.1% | 9.3% |
As of the latest ACS Survey released in 2023, Farmington, CT is a predominantly white area, with 70.3% of the population identifying as white. The white population has shrunk by 11.0% in the last 5 years. The second most common race or ethnicity in Farmington, CT is asian, making up 16.0% of the population. Foreign-born residents account for 21.1% of the population in Farmington, CT, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 70.3% | -11.0% |
% Black | 3.0% | 25.0% |
% Hispanic | 7.2% | 44.0% |
% Asian | 16.0% | 42.9% |
% Foreign Born | 21.1% | 0.0% |
Mortgage and Risk — Farmington, CT
According to HUD data as of 2023, there were 315 mortgage originations in Farmington, CT, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Farmington, CT. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 315 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Farmington, CT
As of 2024, the percent of homes in Farmington, CT under the Section 8 program is 4.8%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Farmington, CT, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 113 |
Total Units Section 8 | 113 |
% Rentals under Section 8 | 4.8% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$20 | $1,800 | $1,780 |
| 2 Bedroom | -$450 | $2,700 | $2,250 |
| 3 Bedroom | -$490 | $3,200 | $2,710 |
| 4 Bedroom | -$1,530 | $4,750 | $3,220 |
Affordability — Farmington, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $466,000 |
| Median Household Income | $131,000 |