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In August 2018, there were 61 homes sold, with a median sale price of $255,000 - a 6.3% decrease over the $272,000 median sale price for the same period of the previous year. There were 39 homes sold in Farmington in August 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 August 2018:
| City | Aug. 2018 Home Sales | Aug. 2017 Home Sales | % change (Total Home Sales) | Aug. 2018 Median Sales Price | Aug. 2017 Median Sales Price | % change (Median Sales Price) |
|---|---|---|---|---|---|---|
| Vermillion | 3 | 1 | 200% | $299,500 | $255,000 | 17.5% |
| Empire | 2 | 4 | -50% | $286,950 | $353,700 | -18.9% |
| Burnsville | 113 | 95 | 18.9% | $276,000 | $253,700 | 8.8% |
| Inver Grove Heights | 43 | 68 | -36.8% | $265,000 | $213,000 | 24.4% |
| Eagan | 116 | 94 | 23.4% | $263,750 | $274,000 | -3.7% |
| Farmington | 61 | 39 | 56.4% | $255,000 | $272,000 | -6.3% |
| Eureka Center | 1 | 1 | 0% | $250,000 | $484,900 | -48.4% |
| Rosemount | 41 | 51 | -19.6% | $249,500 | $250,000 | -0.2% |
| Northfield | 6 | 6 | 0% | $246,950 | $156,000 | 58.3% |
| Hastings | 52 | 42 | 23.8% | $234,250 | $208,000 | 12.6% |
| Apple Valley | 117 | 98 | 19.4% | $233,000 | $249,630 | -6.7% |
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