Is Farmington, MN 55024 a buyer’s or seller’s market?

The Farmington housing market right now

In the three months ending August 31, 2026, 29% of homes in Farmington, MN 55024 sold above their list price, the typical home went under contract in 29 days and there were 2.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 217 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 37%, homes sold more slowly (24 days then) and the median sale price held steady to $399,827. Overall, Farmington is less competitive than a year ago, which gives buyers more room.

Within Dakota County, homes here sell more slowly than in 81% of the county’s ZIP codes, and sell less often over asking than in 62%. On our competition score, Farmington ranks #140 of 296 MN ZIP codes with enough sales (score 70 out of 100).

Nearby, buyers who want less competition could look at Hampton 55031 (0% sold over asking) or Rosemount 55068 (25% sold over asking), while Saint Paul 55120 (55% sold over asking) and South Saint Paul 55075 (51% sold over asking) are even more competitive.