Is Farmington Township, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Farmington Township has remained a Seller's Market.
Key Takeaway
Farmington Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Farmington Township, MN
How much do homes in Farmington Township, MN cost?
Median Sold Price
$385,000
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Farmington Township have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Farmington Township was $385,000 in April 2024, up 4.3% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $172.5K | $166K | -3.8% |
| 2 Bedrooms | $250K | $273.7K | +9.5% |
| 3 Bedrooms | $340K | $355K | +4.4% |
| 4 Bedrooms | $415K | $425K | +2.4% |
| 5+ Bedrooms | $486.6K | $499.9K | +2.7% |
Summary: Farmington Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.8%, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 2.7%.
Median Sold Price Compared To Nearby Cities
| Haverhill Township | $758.5K | $814.9K | +7.4% |
| Farmington Township | $369K | $385K | +4.3% |
Housing Supply in Farmington Township, MN
How many homes are available in Farmington Township, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 193 | 214 | +10.9% |
Summary: The Farmington Township real estate market had 214 homes for sale in April 2024, a 10.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 40 | 39 | -2.5% |
| 3 Bedrooms | 70 | 84 | +20.0% |
| 4 Bedrooms | 53 | 63 | +18.9% |
| 5+ Bedrooms | 30 | 28 | -6.7% |
Summary: The Farmington Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 2.5%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes decreased by 6.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 40 | 39 | -2.5% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington Township, you could pay more than the asking price. 48.7% of homes here sold above asking price last month.
Summary: A total of 39 homes were sold or pending in Farmington Township in April 2024, down by 2.5% month-over-month. Of the 39 sold homes, 31% were sold under asking, 21% were sold at asking, and 49% were sold over asking.
Days on Market for Farmington Township, MN
How long does it take to sell a home in Farmington Township, MN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 33 Days | 25 Days | -24.7% |
Summary: Homes in Farmington Township had an average of 25 days on market in Apr 2024, down by 24.7% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Farmington Township are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 39 homes were sold in Farmington Township; 69% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
