Farmington, IL—61531
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Farmington, IL
As of Oct '25, the median home price in Farmington, IL is $112,000, with a year-over-year change of 6.8%. This indicates that home prices in Farmington, IL are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $112,000 | 6.8% |
| Single Family | $112,000 | 5.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $93,000 | 8.1% |
3 Bed | $128,000 | 8.5% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Farmington, IL
Farmington, IL lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Farmington, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Farmington, IL is 36. This is a decrease of -21.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $171,000 | 19.0% |
Listing Count | 5 | -52.0% |
| Listings as % of Homes | 0.5% | -52.0% |
Days on Market | 36 | -21.0% |
Demographics — Farmington, IL
As of the latest ACS Survey released in 2023, Farmington, IL has a population of 3,020, which has decreased by -9.5% over the past 5 years. Farmington, IL is a popular place for families, as children make up 26.3% of the population. The area has a moderately educated workforce, with 28.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,020 | -9.5% |
% Under 18 | 26.3% | 8.7% |
% Seniors | 20.5% | 17.1% |
% WFH | 2.9% | 70.6% |
% w/ College Degree | 28.3% | 20.4% |
As of the latest ACS Survey released in 2023, Farmington, IL is a predominantly white area, with 97.0% of the population identifying as white. The white population has grown by 3.0% in the last 5 years. The second most common race or ethnicity in Farmington, IL is hispanic, making up 0.9% of the population. Foreign-born residents account for 0.4% of the population in Farmington, IL, and this percentage has decreased by 60.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 97.0% | 3.0% |
% Black | 0.4% | ∞% |
% Hispanic | 0.9% | -60.9% |
% Asian | 0.1% | -75.0% |
% Foreign Born | 0.4% | -60.0% |
Mortgage and Risk — Farmington, IL
According to HUD data as of 2023, there were 63 mortgage originations in Farmington, IL, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 77.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Farmington, IL. Investor activity is low, as 13.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 63 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 13.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — Farmington, IL
Farmington, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 14 |
Total Units Section 8 | 14 |
% Rentals under Section 8 | 7.0% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $730 |
| 2 Bedroom | N/A | N/A | $960 |
| 3 Bedroom | N/A | N/A | $1,330 |
| 4 Bedroom | N/A | N/A | $1,400 |
Affordability — Farmington, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.8 |
| Median Home Price | $112,000 |
| Median Household Income | $64,900 |