Farmington, NM—87401
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Farmington, NM
Home Price Trends — Farmington, NM
As of Oct '25, the median home price in Farmington, NM is $254,000, with a year-over-year change of 1.8%. This indicates that home prices in Farmington, NM are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $254,000 | 1.8% |
| Single Family | $254,000 | 1.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $201,000 | 4.1% |
3 Bed | $273,000 | 3.4% |
4 Bed | $352,000 | 3.8% |
| 5 Bed | $409,000 | 2.8% |
% of Housing Stock
Rental Trends — Farmington, NM
As of July '25, Rentcast reports the average rent in Farmington, NM is $1,350, with a year-over-year rent change of 3.8%. Per bedroom, the median rent as of July '25 in Farmington, NM is studios: $750, 1-bedrooms: $962, 2-bedrooms: $1,350, 3-bedrooms: $1,630, 4-bedrooms: $2,300. The most common rental property sizes in Farmington, NM are 3-bedroom and 2-bedroom, accounting for 37.8% and 36.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,200 | $1,350 |
| Studio Rent | $750 | $750 |
| 1 Bed Rent | $1,000 | $962 |
| 2 Bed Rent | $995 | $1,350 |
| 3 Bed Rent | $1,600 | $1,630 |
| 4 Bed Rent | $2,300 | $2,300 |
% of Rental Stock
Property Listings — Farmington, NM
As of Oct '25, Realtor.com reports that the median days on market for a home in Farmington, NM is 54. This is a decrease of -12.0% 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 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $351,000 | -13.0% |
Listing Count | 116 | 7.0% |
| Listings as % of Homes | 0.5% | 7.0% |
Days on Market | 54 | -12.0% |
Demographics — Farmington, NM
As of the latest ACS Survey released in 2023, Farmington, NM has a population of 45,000, which has decreased by -5.2% over the past 5 years. Farmington, NM is a popular place for families, as children make up 27.6% of the population. The area has a poorly educated workforce, with 19.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 45,000 | -5.2% |
% Under 18 | 27.6% | -5.2% |
% Seniors | 15.0% | 26.1% |
% WFH | 5.4% | 107.7% |
% w/ College Degree | 19.5% | 9.6% |
As of the latest ACS Survey released in 2023, Farmington, NM is a predominantly white area, with 38.1% of the population identifying as white. The white population has shrunk by 10.6% in the last 5 years. The second most common race or ethnicity in Farmington, NM is hispanic, making up 24.4% of the population. Foreign-born residents account for 4.4% of the population in Farmington, NM, and this percentage has increased by 10.0% 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 | 38.1% | -10.6% |
% Black | 0.9% | 0.0% |
% Hispanic | 24.4% | 5.6% |
% Asian | 1.1% | 22.2% |
% Foreign Born | 4.4% | 10.0% |
Mortgage and Risk — Farmington, NM
According to HUD data as of 2023, there were 651 mortgage originations in Farmington, NM, of which 60.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in Farmington, NM. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 651 |
% Conventional Loans | 60.0% |
% Government Loans | 40.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Farmington, NM
As of 2024, the percent of homes in Farmington, NM under the Section 8 program is 8.2%. 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. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Farmington, NM, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 486 |
Total Units Section 8 | 486 |
% Rentals under Section 8 | 8.2% |
% Occupied Section 8 | 77.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$90 | $1,000 | $910 |
| 2 Bedroom | $105 | $995 | $1,100 |
| 3 Bedroom | -$60 | $1,600 | $1,540 |
| 4 Bedroom | -$630 | $2,300 | $1,670 |
Affordability — Farmington, NM
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $254,000 |
| Median Household Income | $56,400 |