Farmington, MN 55024 Real Estate Market Report

ZIP Code: 55024
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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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

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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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 6.3% compared to 5.9% when typical loans in this area originated in early 2026.

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 neighborhood's primary market value indicator, the median sold price 377,500, reflects recent transaction activity and sits below the median listing price 457,450, signaling a pricing gap where seller expectations may be above realized sale values.

2. The median days on market 170 indicates slower sales velocity; this pace suggests moderate-to-slow transaction timelines and potential pricing friction rather than immediate demand-driven turnover.

3. Market-level trend signals combine to create a cautious environment: price year-over-year trend is down while market temperature is neutral, and interest rate pressure is elevated with current mortgage pricing showing a current 30-year fixed rate of 6.3% compared to 5.9% when typical loans originated in early 2026 — together these factors may constrain buyer affordability and slow price recovery.

4. Rental market signals are soft: rent year-over-year trend is down even as median market rent remains 1,850, which may limit investor upside and reinforce a more balanced market posture given the observed pricing and liquidity dynamics.

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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.

Farmington, MN 55024 Real Estate Market Report

ZIP Code: 55024
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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 6.3% compared to 5.9% when typical loans in this area originated in early 2026.

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. median sold price is the primary indicator of current market value, but the median sold price is unavailable in the provided metrics, so recent transaction-level pricing must be interpreted using the available sale-related indicators and sample context (unavailable in provided metrics).

2. median days on market of 294 signals materially slower sales velocity and suggests increased pricing friction or longer time-to-contract compared with more typical market cycles (slower sales velocity).

3. median price per square foot of 197 alongside a median market rent of 1,850 provides a localized pricing snapshot while both rent and sale prices are showing downward pressure; price year-over-year trend is down and rent year-over-year trend is down, which may indicate weakening price momentum.

4. market temperature is reported as neutral even as the sample shows relatively constrained active supply and slower transaction velocity, so conditions appear to be moving toward a more balanced market rather than a clear seller- or buyer-dominant environment (neutral).

5. interest rate pressure is elevated, with current 30-year fixed mortgage rates at 6.3% compared to 5.9% when typical loans in this area originated in early 2026; this elevated rate environment may further suppress affordability and lengthen marketing timelines (elevated).

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Notable Properties

The following 4 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.