Why Live in Farmington
With its ornate molding, arched windows and white steeple, the Exchange Bank Building at the corner of 3rd and Oak streets is one of the most recognizable landmarks in Farmington, Minnesota. Constructed in 1880, it reflects a time when Civil War veterans — many of whom settled with their families in the city — held jobs downtown, primarily as doctors and lawyers. Today, Farmington is home to nearly 24,000 people and the population has been rising steadily for the last century, with acres of farmland cleared frequently for new housing developments. “Over the next five or six years, we really expect to see this area grow,” says Richard Ochoa, a Realtor with Keller Williams Integrity Realty and an investor in Minnesota properties. “As more development happens around Farmington and with the new Meta office approved in Rosemount, we expect a mix of families and young professionals to soon discover Farmington.” Although there’s been an influx of out-of-towners mixing with longtime residents, the area still has a small-town feel. Locals gather annually for celebrations like Dew Days—which has been going strong since the 1970s—and, perhaps most notably, the Dakota County Fair in August. A
Home Trends in Farmington, MN
On average, homes in Farmington, MN sell after 41 days on the market compared to the national average of 50 days. The median sale price for homes in Farmington, MN over the last 12 months is $400,000, up 1% from the median home sale price over the previous 12 months.
Median Sale Price
$400,000
Median Single Family Sale Price
$434,050
Median Townhouse Sale Price
$260,000
Average Price Per Sq Ft
$203
Number of Homes for Sale
180
Last 12 months Home Sales
505
Median List Price
$415,000
Median Change From 1st List Price
0%
Median Home Sale Price YoY Change
1%