Farmington, MN 55024 Real Estate Market Report

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.

Market Metrics

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.

Rental Market

Property Taxes

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.

Market Trends & Context

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

Key Findings

1. The primary market indicator is the median sold price of 360,000, which together with a down price year-over-year trend signals weakening transaction prices and suggests sellers may need to align expectations to recent sale levels.
2. There is a sizable gap between the median listing price of 443,530 and the median sold price of 360,000, which may indicate pricing friction and implies that sellers are listing above what buyers are paying; adjust pricing strategies to accelerate offers.
3. Market liquidity appears slow: the median days on market is 190, consistent with slower sales velocity and indicating that properties are taking extended time to transact; consider targeted incentives or price adjustments to improve turnover.
4. Supply conditions in the analyzed sample point to relatively constrained active supply, and with a neutral market temperature businesses and investors should monitor elevated interest rate pressure—current 30-year fixed mortgage rates at 6.88%—as this elevated rate environment can continue to dampen buyer purchasing power; under these conditions, prioritize competitively priced, well-presented SFR and condominium listings.

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.