Farmington, NM—87402
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 $316,000, with a year-over-year change of 2.7%. This indicates that home prices in Farmington, NM are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $316,000 | 2.7% |
| Single Family | $318,000 | 2.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $214,000 | 3.4% |
3 Bed | $309,000 | 2.3% |
4 Bed | $422,000 | 2.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Farmington, NM
As of July '25, Rentcast reports the average rent in Farmington, NM is $1,580, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Farmington, NM is studios: $700, 2-bedrooms: $1,350, 3-bedrooms: $1,990, 4-bedrooms: $2,000. The most common rental property sizes in Farmington, NM are 3-bedroom and 2-bedroom, accounting for 36.2% and 34.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,550 | $1,580 |
| Studio Rent | $700 | $700 |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,400 | $1,350 |
| 3 Bed Rent | $1,800 | $1,990 |
| 4 Bed Rent | $2,000 | $2,000 |
% 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 56. This is a increase of 19.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $442,000 | 18.0% |
Listing Count | 58 | 47.0% |
| Listings as % of Homes | 0.7% | 47.0% |
Days on Market | 56 | 19.0% |
Demographics — Farmington, NM
As of the latest ACS Survey released in 2023, Farmington, NM has a population of 11,000, which has increased by 11.6% over the past 5 years. Farmington, NM is a popular place for families, as children make up 27.1% of the population. The area has a moderately educated workforce, with 28.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,000 | 11.6% |
% Under 18 | 27.1% | 10.2% |
% Seniors | 17.0% | 9.0% |
% WFH | 4.5% | 60.7% |
% w/ College Degree | 28.4% | 2.9% |
As of the latest ACS Survey released in 2023, Farmington, NM is a predominantly white area, with 54.3% of the population identifying as white. The white population has shrunk by 8.9% in the last 5 years. The second most common race or ethnicity in Farmington, NM is hispanic, making up 23.7% of the population. Foreign-born residents account for 1.6% of the population in Farmington, NM, and this percentage has decreased by 62.8% 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 | 54.3% | -8.9% |
% Black | 0.8% | -11.1% |
% Hispanic | 23.7% | -7.4% |
% Asian | 0.1% | -91.7% |
% Foreign Born | 1.6% | -62.8% |
Mortgage and Risk — Farmington, NM
According to HUD data as of 2023, there were 141 mortgage originations in Farmington, NM, of which 77.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Farmington, NM. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 141 |
% Conventional Loans | 77.0% |
% Government Loans | 23.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Farmington, NM
Farmington, NM lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 17 |
Total Units Section 8 | 17 |
% Rentals under Section 8 | 1.9% |
% Occupied Section 8 | 69.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $980 |
| 2 Bedroom | -$210 | $1,400 | $1,190 |
| 3 Bedroom | -$130 | $1,800 | $1,670 |
| 4 Bedroom | -$190 | $2,000 | $1,810 |
Affordability — Farmington, NM
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $316,000 |
| Median Household Income | $77,000 |