Farmington, MO Housing Market

Market Overview

Farmington, MO has a PropertyIQ Score of 54 out of 100, reflecting a moderate market with mixed signals. The median home value is $194,693, well below the state average of $268,420, and the rent index is $824 compared with the state benchmark of $996. The unemployment rate of 3.7 matches the state average, but the median household income of $54,813 is notably lower than the state average of $68,920. These figures suggest a market that is more affordable in absolute terms but has a more limited local income base.

The score’s top drivers include a 12-month home value momentum of 5.96%, a 3-month momentum of -0.72%, a median days-on-market of 46, and a 20.9% share of listings with a price cut. With 154 homes for sale, inventory is moderate, and the price-cut share indicates that sellers are adjusting to softer near-term conditions. Overall, Farmington sits in a moderate range: annual price gains have been positive, but recent momentum is cooling and buyers have some negotiation power.

Key Trends

The first trend is mixed price momentum. The 12-month home value momentum of 5.96% shows healthy annual appreciation, but the 3-month reading of -0.72% and a 20.9% share of listings with price cuts point to recent cooling. The reported year-over-year home value change is $7, which is minimal in dollar terms; alongside the percentage momentum, this suggests gains have slowed recently.

A second trend is moderate inventory and slower turnover. The market has 154 homes for sale and a median days-on-market of 46. That pace is not extreme, but combined with price cuts, it indicates a balanced-to-buyer-friendly environment rather than a fast-moving seller’s market.

Affordability is the third trend. Farmington’s median home value is about 27% below the state median of $268,420, and its rent index of $824 is about 17% below the state rent index of $996. However, the median household income of $54,813 is about 20% below the state average, so the affordability advantage is partly offset by lower local incomes. The unemployment rate of 3.7 matches the state and supports steady demand, but population growth data is listed as N/A, leaving a gap in the long-term demand picture.

Who Is This Market For

This market is well suited to first-time buyers and budget-conscious households. The median home value of $194,693 is below the state average, and the median days-on-market of 46 plus a 20.9% price-cut share give buyers room to negotiate. The lower median household income of $54,813 means affordability is still a factor, but the sub-$200,000 price point is attainable for many local households.

It may also suit investors seeking lower entry costs. The rent index of $824 is below the state benchmark of $996, so cash flow may be more modest, but the lower purchase prices can support a long-term buy-and-hold strategy. The stable unemployment rate of 3.7 provides a reliable base of local renters and homeowners. Move-up buyers may find opportunities, but this is not a high-appreciation or luxury market.

Outlook

The outlook is cautiously stable. The 12-month home value momentum of 5.96% supports annual appreciation, but the -0.72% 3-month momentum and 20.9% price-cut share indicate cooling. With 154 homes for sale and a median days-on-market of 46, Farmington is likely to remain balanced to slightly buyer-friendly in the near term. The stable unemployment rate of 3.7 should help maintain demand, while the lack of population growth data makes it difficult to project demographic tailwinds. Based on the available numbers, slower price growth or flattening is more likely than a sharp decline, and buyers may continue to encounter price adjustments as sellers respond to current conditions.