Farmington, MN 55024 Real Estate Market Report

ZIP Code: 55024
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The housing market in Farmington, MN is currently characterized by a median sold price of $360,000, reflecting a slight decline in market value as prices have decreased year-over-year. This trend suggests a cooling market, with homes taking longer to sell, as evidenced by a median days on market of 189. While the market remains a seller's environment, the shift towards balance is becoming more apparent, indicating potential adjustments in buyer expectations and seller pricing strategies.

Transaction activity appears moderate, with elevated inventory levels contributing to a slower sales velocity. The median listing price stands at $462,490, which indicates a notable gap between listing and sold prices, potentially signaling pricing friction as sellers adjust to current market realities. Despite these challenges, rental demand remains steady, with a median market rent of $2,090, suggesting ongoing interest in rental properties and the potential for modest rent increases in the near future.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Farmington, MN are averaging 6.35% compared to the 2026 average of 4.95%.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The median sold price of $360,000 indicates a decrease in market value, reflecting a cooling trend in the housing market.

2. With a median days on market of 189, properties are experiencing slower sales velocity, suggesting a shift in buyer engagement.

3. The median listing price of $462,490 shows a significant gap compared to sold prices, indicating potential pricing friction as sellers adjust expectations.

4. Rental demand remains stable with a median market rent of $2,090, suggesting positive conditions for rental properties in the area.

5. Overall market temperature is neutral, indicating a balanced market environment despite elevated inventory levels.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.