From January through December of 2019, there were 509 homes sold, with a median sale price of $262,500 - a 7.1% increase over the $245,000 median sale price for the previous year. There were 513 homes sold in Farmington in 2018.
The median sales tax in Farmington for 2019 was $3,656. In 2018, the median sales tax was $3,465. This marks an increase of 5.5%. The effective property tax rate, using the median property tax and median home sale price as the basis, is 1.4%.
The following table compares Farmington to other Dakota County cities with similar median sales prices in 2019:
| City | Jan. - Dec. 2019 Home Sales | Jan. - Dec. 2018 Home Sales | % change (Total Home Sales) | Jan. - Dec. 2019 Median Sales Price | Jan. - Dec. 2018 Median Sales Price | % change (Median Sales Price) |
|---|---|---|---|---|---|---|
| Rosemount | 433 | 425 | 1.9% | $280,000 | $265,000 | 5.7% |
| Hampton | 16 | 14 | 14.3% | $272,500 | $215,125 | 26.7% |
| Apple Valley | 941 | 1,028 | -8.5% | $270,000 | $250,000 | 8% |
| Burnsville | 908 | 1,084 | -16.2% | $269,900 | $259,000 | 4.2% |
| Northfield | 47 | 37 | 27% | $265,100 | $290,000 | -8.6% |
| Farmington | 509 | 513 | -0.8% | $262,500 | $245,000 | 7.1% |
| Vermillion | 11 | 15 | -26.7% | $260,750 | $305,000 | -14.5% |
| Inver Grove Heights | 460 | 564 | -18.4% | $250,000 | $230,000 | 8.7% |
| Hastings | 452 | 505 | -10.5% | $235,000 | $217,000 | 8.3% |
| West St. Paul | 278 | 315 | -11.7% | $230,000 | $211,000 | 9% |
| South St. Paul | 362 | 456 | -20.6% | $220,000 | $205,750 | 6.9% |
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