Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 18,143, 6,205 total housing units (homes and apartments), and a median house value of $197,604, house prices in Farmington are solidly below the national average.
Single-family detached homes are the single most common housing type in Farmington, accounting for 55.21% of the city's housing units. Other types of housing that are prevalent in Farmington include large apartment complexes or high rise apartments ( 18.86%), duplexes, homes converted to apartments or other small apartment buildings ( 13.88%), and a few mobile homes or trailers ( 6.25%).
The most prevalent building size and type in Farmington are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 43.89% owning and 56.11% renting.
There is a lot of housing in Farmington built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Farmington built between 2000 and later ( 22.92%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.84%). There's also some housing in Farmington built before 1939 ( 9.38%).
Vacant housing appears to be an issue in Farmington. Fully 11.00% of the housing stock is classified as vacant. Left unchecked, vacant Farmington homes and apartments can be a drag on the real estate market, holding Farmington real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Farmington's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.84% during the period.
Over the last year, Farmington appreciation rates have trailed the rest of the nation. In the last twelve months, Farmington's appreciation rate has been 1.33%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Farmington were at -0.73%, which equates to an annual appreciation rate of -2.90%.
Notably, Farmington's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Missouri, our data show that Farmington's latest annual appreciation rate is lower than 60% of the other cities and towns in Missouri.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Farmington differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Farmington - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Farmington real estate investment or home purchase decisions.
$197,604
for Missouri
for nation
6,205
$1,180 / per month