Zip 55024 (Farmington, MN) Housing

The housing market in Farmington, MN (55024) is slightly below the US house median value at $367,000. Despite being slightly lower than the national average, Farmington has still experienced an impressive 6.66% appreciation in home values over the past year—lower than the US average of 8.27%. This shows that even though the housing median value is lower than other parts of the country, it is still making decent gains in value over time.

The median home cost in Farmington (zip 55024) is $367,000. Home appreciation the last 10 years has been 94.0%. Home Appreciation in Farmington (zip 55024) is up 12.2%.

Average Age of Homes

- The median age of Farmington (zip 55024) real estate is 20 years old

The Rental Market in Farmington (zip 55024)

- Renters make up 10.4% of the Farmington (zip 55024) population
- 0.7% of houses and apartments in Farmington (zip 55024), are available to rent

DID YOU KNOW

Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.

Median Monthly Rent by Number of Bedrooms

Housing by Year Built

Housing	Farmington, Minnesota	United States
	12,405.0	139,647,020.0
	25	42
	$367,000	$338,100
	12.2%	16.6%
	47.9%	57.0%
	94.0%	101.1%
	$12.01	$10.98
	$3,476	$2,690
	87.2%	57.4%
	1.6%	11.2%
	11.2%	31.4%
Vacant Housing
	0.7%	1.9%
	0.0%	0.4%
	0.3%	0.7%
	0.2%	0.4%
	0.0%	3.6%
	0.3%	4.1%
Value of Owner-Occupied Housing
	1.9%	2.6%
	1.5%	2.4%
	1.4%	2.8%
	0.5%	3.9%
	0.2%	4.5%
	1.9%	11.3%
	11.0%	13.0%
	35.5%	20.1%
	30.7%	13.6%
	11.1%	8.3%
	3.6%	9.7%
	0.2%	3.9%
	0.2%	2.2%
	0.2%	0.8%
	0.1%	1.1%
Housing Units by Year Structure Built
	0.0%	0.2%
	32.0%	13.6%
	32.0%	13.6%
	26.9%	13.6%
	12.3%	13.2%
	8.6%	14.8%
	26.9%	13.6%
	3.7%	10.0%
	0.8%	4.7%
	3.7%	12.2%

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