Farmington, MN—55024
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Farmington, MN
As of Oct '25, the median home price in Farmington, MN is $395,000, with a year-over-year change of 1.5%. This indicates that home prices in Farmington, MN are increasing. According to Zillow, the 1-year price projection is -0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $395,000 | 1.5% |
| Single Family | $403,000 | 1.5% |
| Condos | $255,000 | 0.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $262,000 | -1.5% |
3 Bed | $359,000 | 1.4% |
4 Bed | $444,000 | 1.6% |
| 5 Bed | $506,000 | 1.2% |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Farmington, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Farmington, MN is 37. This is a decrease of -7.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $462,000 | 4.0% |
Listing Count | 164 | -3.0% |
| Listings as % of Homes | 0.8% | -3.0% |
Days on Market | 37 | -7.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Farmington, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $395,000 |
| Median Household Income | $124,000 |