From July through December of 2018, there were 264 homes sold, with a median sale price of $247,500 - a 4.1% increase over the $237,725 median sale price for the same period of the previous year. There were 232 homes sold in Farmington in the second half of 2017.
The median sales tax in Farmington for 2018 was $3,465. In 2014, the median sales tax was $2,592. This marks an increase of 33.7%. 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 the second half of 2018:
| City | July - Dec. 2018 Home Sales | July - Dec. 2017 Home Sales | % change (Total Home Sales) | July - Dec. 2018 Median Sales Price | July - Dec. 2017 Median Sales Price | % change (Median Sales Price) |
|---|---|---|---|---|---|---|
| Northfield | 23 | 29 | -20.7% | $290,000 | $300,000 | -3.3% |
| Rosemount | 237 | 221 | 7.2% | $275,000 | $261,000 | 5.4% |
| Eagan | 590 | 472 | 25% | $270,000 | $260,000 | 3.8% |
| Eureka Center | 4 | 6 | -33.3% | $267,500 | $322,500 | -17.1% |
| Burnsville | 581 | 493 | 17.8% | $258,000 | $244,000 | 5.7% |
| Farmington | 264 | 232 | 13.8% | $247,500 | $237,725 | 4.1% |
| Apple Valley | 544 | 501 | 8.6% | $241,250 | $240,000 | 0.5% |
| Hampton | 7 | 10 | -30% | $240,000 | $235,000 | 2.1% |
| Lilydale | 9 | 3 | 200% | $236,000 | $425,000 | -44.5% |
| Inver Grove Heights | 288 | 279 | 3.2% | $233,166.50 | $213,000 | 9.5% |
| Hastings | 271 | 233 | 16.3% | $215,000 | $215,000 | 0% |
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