Is Farmington, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Farmington has remained a Seller's Market.
Housing Prices in Farmington, MN
How much do homes in Farmington, MN cost?
Median Sold Price
$380,666
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Farmington was $380,666 in February 2024, up 2.3% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $204.5K | $166K | -18.8% |
2 Bedrooms | $250K | $275K | +10.0% |
3 Bedrooms | $340K | $350K | +2.9% |
4 Bedrooms | $422.3K | $426K | +0.9% |
5+ Bedrooms | $487K | $489.9K | +0.6% |
Summary: Farmington housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 18.8%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 0.6%.
Median Sold Price Compared To Nearby Cities
Farmington | $371.9K | $380.6K | +2.3% |
Lakeville | $475K | $483.4K | +1.8% |
Empire Township | $474.9K | $435K | -8.4% |
Housing Supply in Farmington, MN
How many homes are available in Farmington, MN?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
153 | 174 | +13.7% |
Summary: The Farmington real estate market had 174 homes for sale in February 2024, a 13.7% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 34 | 34 | 0.0% |
3 Bedrooms | 60 | 67 | +11.7% |
4 Bedrooms | 39 | 46 | +17.9% |
5+ Bedrooms | 20 | 27 | +35.0% |
Summary: The Farmington housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 17.9%, and 5+ bedroom homes increased by 35%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
23 | 30 | +30.4% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 30 homes were sold or pending in Farmington in February 2024, up by 30.4% month-over-month. Of the 30 sold homes, 43% were sold under asking, 30% were sold at asking, and 27% were sold over asking.
Days on Market for Farmington, MN
How long does it take to sell a home in Farmington, MN?
Average Sale Time
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
34 Days | 44 Days | +27.8% |
Summary: Homes in Farmington had an average of 44 days on market in Feb 2024, up by 27.8% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During February 2024, 30 homes were sold in Farmington; 30% of homes were sold within 30 days, 57% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.