Market Overview
Home Prices in Farmington, NM
The median home value in Farmington, NM is $286,428 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.6% compared to a year ago and up 3.9% from two years prior.
Compared to the U.S. national median of $410,000, homes in Farmington are priced30% below average. Farmington is part of the Farmington, NM metro area.
Over the past five years, Farmington home values have risen by approximately43.0%, reflecting strong long-term appreciation in this market.
Price History
Farmington Home Price Trend
City Comparison
Farmington vs. National Median
At $286,428, homes in Farmington cost 30% below the national median of $410,000. This makes Farmington a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Farmington?
20% Down Payment
$57,286
on $286,428
Monthly P&I
$1,494/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,897/mo
incl. taxes & insurance
Income Needed
$75,880
gross annual (30% rule)
10% Down Option
$28,643
+ PMI applies
Loan Amount (20% dn)
$229,142
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Farmington, NM?
The median home value in Farmington is $286,428 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.6% year-over-year.
How much have home prices changed in Farmington?
Over the past year, home values in Farmington have increased by 5.6%. Over five years, prices have risen approximately 43.0%.
How much do I need to earn to buy a home in Farmington?
To comfortably afford the median home price of $286,428 with a 20% down payment ($57,286) at today's rates (6.8%), you'd need a gross annual income of approximately $75,880. This assumes keeping total housing costs at or below 30% of gross income.
How does Farmington compare to the national average home price?
The national median home value is approximately $410,000. At $286,428, homes in Farmington are 30% below the national average.
What metro area is Farmington part of?
Farmington is part of the Farmington, NM metropolitan area. Home prices and market conditions can vary across the broader metro region.