Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$273,561+6.8% YoY · prices are rising fast
Market right nowSeller's marketFewer homes for sale than last year, 13% have cut their price
Income needed to buy, per year$59,302About 0.9× the local median income ($64,999): affordable for a typical household
Days on market62 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+3.2%Zillow expects prices to rise slightly
The typical home in Farmington, NM is worth $273,561, up 6.8% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $270,750, so the area is 1.0% overvalued. It is a seller's market: homes take about 62 days to sell, listings are down 19% from a year ago, 13% of listings have had a price cut. Zillow expects prices to rise about 3.2% over the next year. A household needs about $59,302 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $64,999. Typical rent is $1,399 a month, or $1,741 for a house. In the latest IRS figures, 26 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$273,561
Change in 1 year
+6.8%
Overvalued %
+1.0%
Show 7 more
Fair home value
$270,750
Change in 5 years
+32.4%
Zillow forecast, next 12 months
+3.2%
Home value to income
4.2×
Monthly mortgage payment (20% down)
$1,483
Income needed to afford it
$59,302
Property tax rate
0.68%
Rent and investing
Typical rent
$1,399
Typical rent for houses
$1,741
Price-to-rent ratio
16.3×
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HUD Fair Market Rent, 2 bedrooms
$1,116
Gross rental yield
6.14%
Cap rate (estimate)
3.99%
Market activity
Listings vs a year ago
−19.3%
Days on market
62
Listings with a price cut
13.4%
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Homes for sale
146
Pending sales per 100 listings
53
Asking price per sq ft
$200
People and jobs
Median household income
$64,999
Population change (1 year)
−0.2%
Unemployment rate
7.3%
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Population
120,340
Income adjusted for cost of living
$74,115
Net moves in (IRS)
−26
Cost of living (US = 100)
87.7
Schools, risk and environment
School rating (1 to 10)
4.9
FEMA hazard risk score (0 to 100)
88.3
Unhealthy air days a year
0
Show 4 more
Flood risk score
92.4
Wildfire risk score
81.6
Walkability (1 to 20)
7.7
Road, rail and air noise
54 dB
Questions people ask
Is Farmington, NM overvalued?
Home prices in Farmington, NM are slightly above what local incomes have historically supported: fair value is about $270,750, so the area is 1.0% overvalued.
Is Farmington, NM a buyer's or seller's market?
Farmington, NM is a seller's market: homes take about 62 days to sell, listings are down 19% from a year ago, 13% of listings have had a price cut.
Are home prices going down in Farmington, NM?
Home values in Farmington, NM are up 6.8% over the last year. Zillow's forecast for the next 12 months is +3.2%.
How much do you need to earn to buy a home in Farmington, NM?
A household needs about $59,302 a year to afford the typical home in Farmington, NM at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $64,999.