Is Farmington, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Farmington has remained a Seller's Market.
Key Takeaway
Farmington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Farmington, MN
How much do homes in Farmington, MN cost?
Median Sold Price
$394,850
$189/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Farmington have sold for 6% more than they did a year ago.
Summary: The median home sold price in Farmington was $394,850 in May 2024, up 6% from last year, and the median price per square foot was $189.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $199K | $166K | -16.6% |
| 2 Bedrooms | $251.7K | $277K | +10.0% |
| 3 Bedrooms | $340K | $360K | +5.9% |
| 4 Bedrooms | $426K | $430K | +0.9% |
| 5+ Bedrooms | $486.3K | $500K | +2.8% |
Summary: Farmington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.6%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 2.8%.
Median Sold Price Compared To Nearby Cities
| Farmington | $372.4K | $394.8K | +6.0% |
| Lakeville | $466.9K | $487.1K | +4.3% |
| Empire Township | $474.9K | $460K | -3.1% |
Housing Supply in Farmington, MN
How many homes are available in Farmington, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 213 | 230 | +8.0% |
Summary: The Farmington real estate market had 230 homes for sale in May 2024, a 8.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 38 | 39 | +2.6% |
| 3 Bedrooms | 83 | 93 | +12.0% |
| 4 Bedrooms | 63 | 67 | +6.3% |
| 5+ Bedrooms | 29 | 31 | +6.9% |
Summary: The Farmington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 2.6%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 6.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 42 | 46 | +9.5% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington, you could pay more than the asking price. 45.7% of homes here sold above asking price last month.
Summary: A total of 46 homes were sold or pending in Farmington in May 2024, up by 9.5% month-over-month. Of the 46 sold homes, 30% were sold under asking, 24% were sold at asking, and 46% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 22 Days | -19.8% |
Summary: Homes in Farmington had an average of 22 days on market in May 2024, down by 19.8% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Farmington are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 46 homes were sold in Farmington; 74% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
