Farmington housing market
Typical home value
$274K
▲ 6.8% 1 yr
Typical rent
$1,399/mo
▲ 4.1% 1 yr
12-month forecast
+3.2%
#120 of 546 metros
Gross rent yield
6.1%
#240 of 546 · U.S. 6.3%
Days to pending
33 days
▼ −26 days 1 yr
Listings with a price cut
24%
▲ +1.0 pts 1 yr
Key takeaways
- 1The typical home is worth $273,561, up 6.8% in a year and up 32% over five years.
- 2Zillow forecasts home values rising 3.2% over the next 12 months (U.S.: +1.1%).
- 3Typical rent is $1,399/mo (+4.1% YoY), a 6.1% gross yield, below the U.S. 6.3%.
- 4At 7.32% with 20% down, the typical home costs $1,503/mo in principal and interest, $104 more than renting.
- 5Homes go under contract in 33 days (−26 days vs last year); 24% of listings have had a price cut.
Market temperature
Seller's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 59/100, #44 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
How fast homes are selling
For saleNew listings
Affordability
To buy (20% down)To rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Farmington compares
| Measure | Farmington | United States | Rank of 546 |
|---|---|---|---|
| Home value, 1-yr change | +6.8% | +1.2% | #18 |
| Home value, 5-yr change | +32.4% | +19.7% | |
| 12-month forecast | +3.2% | +1.1% | #120 |
| Rent, 1-yr change | +4.1% | +2.7% | #183 |
| Gross rent yield | 6.1% | 6.3% | #240 |
| Price-to-rent ratio | 16.3 | 15.8 | |
| Mortgage P&I on typical home | $1,503 | $2,012 | |
| Income needed to buy | $70,340 | $100,902 | |
| Days to pending | 33 | 56 |
Cities in the Farmington metro
1 cities with home value and rent data.
| Farmington | $283K | ▲ 6.7% | $1,535 | ▲ 4.2% | 6.5% |
Run the numbers
Rental property calculator
Cash flow on a typical Farmington rental ($274K, $1,399/mo), pre-filled.
Mortgage calculator
Monthly payment on a typical Farmington home.
Rent vs buy
Is it cheaper to rent or buy in Farmington?
Other New Mexico metros
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$349K home$1,490 rent5.1% yield
▲ 1.5% 1 yr
Las Cruces, NM
$285K home$1,472 rent6.2% yield
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Santa Fe, NM
$549K home$1,953 rent4.3% yield
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Hobbs, NM
$197K home$1,469 rent9.0% yield
▲ 3.0% 1 yr
Alamogordo, NM
$230K home$1,524 rent8.0% yield
▼ 1.8% 1 yr
Roswell, NM
$171K home$1,263 rent8.8% yield
▲ 0.4% 1 yr
Carlsbad, NM
$248K home$1,582 rent7.7% yield
▲ 3.1% 1 yr
Clovis, NM
$160K home$1,305 rent9.8% yield
▲ 2.4% 1 yr
Gross yield = 12 × typical rent ÷ typical home value, before expenses. Mortgage estimate: 20% down, 30-year fixed at the current Freddie Mac average, principal and interest only. Forecast: Zillow Home Value Forecast. Data refreshed Oct 26, 2026.