Farmington, MN 55024 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Farmington, MN—55024

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$405,000

1.4% YoY Growth

Household Income

$124,000

31.4% YoY Growth

Days on Market

3.0% Longer YoY

Home Price Forecast

-1.7%

Median Rent

$2,000

9.1% YoY Growth

1-Bed Rent

$1,060

42.3% YoY Growth

2-Bed Rent

$1,700

3.8% YoY Growth

3-Bed Rent

$2,300

5.8% YoY Growth

Home Price Trends — Farmington, MN

As of May '26, the median home price in Farmington, MN is $405,000, with a year-over-year change of 1.4%. This indicates that home prices in Farmington, MN are increasing. According to Zillow, the 1-year price projection is -1.7%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$405,000	1.4%
Single Family	$413,000	1.5%
Condos	$258,000	-0.8%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Farmington, MN

As of July '25, Rentcast reports the average rent in Farmington, MN is $2,000, with a year-over-year rent change of -9.1%. Per bedroom, the median rent as of July '25 in Farmington, MN is studios: $1,400, 1-bedrooms: $1,010, 2-bedrooms: $1,760, 3-bedrooms: $2,180, 4-bedrooms: $2,700. The most common rental property sizes in Farmington, MN are 2-bedroom and 3-bedroom, accounting for 32.0% and 23.9% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$2,000	$2,000
Studio Rent	$1,400	$1,400
1 Bed Rent	$1,060	$1,010
2 Bed Rent	$1,700	$1,760
3 Bed Rent	$2,300	$2,180
4 Bed Rent	$2,690	$2,700

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% of Rental Stock

Studio

3.5%

1 Bedroom

19.4%

2 Bedrooms

32.0%

3 Bedrooms

23.9%

4 Bedrooms

17.0%

5+ Bedrooms

4.3%

Property Listings — Farmington, MN

As of May '26, Realtor.com reports that the median days on market for a home in Farmington, MN is 40. This is a increase of 3.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 20.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$450,000	-5.0%
Listing Count	220	17.0%
Listings as % of Homes	0.8%	17.0%
Days on Market	40	3.0%

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Demographics — Farmington, MN

As of the latest ACS Survey released in 2023, Farmington, MN has a population of 36,700, which has increased by 4.7% over the past 5 years. Farmington, MN is a popular place for families, as children make up 29.2% of the population. The area has a moderately educated workforce, with 36.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.6% reporting working from home.

Metric	Latest Census	YoY % Change
Population	36,700	4.7%
% Under 18	29.2%	-4.6%
% Seniors	8.4%	25.4%
% WFH	17.6%	282.6%
% w/ College Degree	36.9%	5.4%

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As of the latest ACS Survey released in 2023, Farmington, MN is a predominantly white area, with 83.9% of the population identifying as white. The white population has shrunk by 4.8% in the last 5 years. The second most common race or ethnicity in Farmington, MN is hispanic, making up 5.6% of the population. Foreign-born residents account for 5.1% of the population in Farmington, MN, and this percentage has increased by 13.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	83.9%	-4.8%
% Black	3.8%	192.3%
% Hispanic	5.6%	21.7%
% Asian	3.2%	88.2%
% Foreign Born	5.1%	13.3%

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Mortgage and Risk — Farmington, MN

According to HUD data as of 2023, there were 710 mortgage originations in Farmington, MN, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Farmington, MN. Investor activity is low, as 1.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	710
% Conventional Loans	82.0%
% Government Loans	18.0%
% Investor Loans	1.0%
% Second Loans	0.0%
% Cash Out Refinance	8.0%

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Rentals and Section 8 — Farmington, MN

As of 2024, the percent of homes in Farmington, MN under the Section 8 program is 9.9%. 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. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Farmington, MN, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.

Section 8 Market Size

Total Units under HUD	132
Total Units Section 8	132
% Rentals under Section 8	9.9%
% Occupied Section 8	92.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$360	$1,060	$1,420
2 Bedroom	$30	$1,700	$1,730
3 Bedroom	$0	$2,300	$2,300
4 Bedroom	-$110	$2,690	$2,580

Farmington, MN—55024

Key Metrics at a Glance

Home Price Trends — Farmington, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Farmington, MN

% of Rental Stock

Property Listings — Farmington, MN

Demographics — Farmington, MN

Race and Ethnicity

Mortgage and Risk — Farmington, MN

Mortgages

Rentals and Section 8 — Farmington, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Farmington, MN

Home Price to Income Ratio

Farmington, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Rosemount, MN

Apple Valley, MN

Randolph, MN

Lakeville, MN

Northfield, MN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.1
Median Home Price	$405,000
Median Household Income	$124,000

Farmington, MN—55024

Key Metrics at a Glance

Home Price Trends — Farmington, MN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Farmington, MN

% of Rental Stock

Property Listings — Farmington, MN

Demographics — Farmington, MN

Race and Ethnicity

Mortgage and Risk — Farmington, MN

Mortgages

Rentals and Section 8 — Farmington, MN

Section 8 Market Size

Section 8 Opportunity

Affordability — Farmington, MN

Home Price to Income Ratio

Farmington, MN — ZIP Code Boundary Map

Nearby ZIP Codes

Rosemount, MN

Apple Valley, MN

Randolph, MN

Lakeville, MN

Northfield, MN

Frequently Asked Questions

What is the average home price in Farmington, MN 55024?

How have home prices in Farmington, MN 55024 changed over the past year?

What is the home price projection for Farmington, MN 55024?

What are the demographics of Farmington, MN 55024?

How long does it take homes to sell in Farmington, MN 55024?

What is the average rent price in Farmington, MN 55024?