Farmington offers a small-town feel with easy access to the south metro, a rare combination that's produced a stable long-term homeowner base and reasonable home prices. It's a strong first-time buyer market and a quietly growing retirement pocket.
The Farmington housing market
Median home values in Farmington run in the high-$300s, with newer construction and executive homes climbing into the $500s. Dakota County property taxes remain moderate.
Reverse mortgages in Farmington
Farmington homeowners who bought before 2010 typically have strong equity. A HECM can eliminate a remaining mortgage or serve as a stand-by line of credit.
For the statewide rules, counseling requirements and 2026 lending limits, read the Minnesota reverse mortgage guide, or see the Dakota County reverse mortgage guide. New to the program? Start with what is a reverse mortgage.
Neighborhoods
- Downtown Farmington
- Vermillion River area
- Charleswood
- North Creek
- Meadow Creek
Loan options for Farmington
- First-Time Buyer
- Conventional
- FHA & VA
- Reverse Mortgage (HECM)
- HECM for Purchase
- Refinance
Attractions & landmarks
- Vermillion River
- Rambling River Park
- Historic Downtown Farmington
- North Creek Greenway
Schools
Farmington Public Schools (ISD 192), community-anchored and well-regarded.