Farmington, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Farmington, British Columbia, is currently experiencing steady growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This suggests a healthy demand for single-family homes in the area, which may be driven by the town’s attractive amenities and lifestyle offerings.
Similarly, the apartment sector has shown resilience, with the median apartment price reaching $300,000 and observing a year-over-year rise of 2.1%. This more modest growth rate compared to houses indicates that the market for apartments is stable but perhaps less dynamic than that for detached homes.
Farmington’s population has grown by 7.1%, now totaling 15,000 residents. This significant population increase is likely contributing to the upward pressure on property values as demand continues to outpace supply.
Investment Opportunities and Potential
Given the steady increase in housing prices and a robust population growth rate, Farmington presents several attractive opportunities for real estate investors. The consistent appreciation of house prices points towards a market that has not yet reached its peak, offering potential for capital gains in the medium to long term.
Investors may find particular value in single-family homes due to their higher appreciation rate. Additionally, rental properties could provide a stable income stream as the population influx may lead to increased demand for rental accommodations. The challenge will be to balance investment returns against rising property acquisition costs.
The apartment market’s slower growth suggests that there might be opportunities to purchase these properties at more competitive prices. Investors focusing on this segment could benefit from targeting young professionals or smaller families who are looking for affordable housing options in Farmington.
Future Market Outlook
Looking forward, Farmington’s real estate market is poised for continued growth. The strong population expansion indicates an underlying demand which is expected to persist. If this trend continues alongside economic stability and job creation within the region, it is reasonable to anticipate sustained growth in property values.
However, potential investors should also monitor local development plans and zoning changes, as an increase in new construction could eventually ease price pressures and moderate future growth rates. Long-term investors might consider diversifying their portfolios across different property types and locations within Farmington to mitigate risks associated with local policy shifts or economic fluctuations.
In summary, while current indicators point towards a positive outlook with ample investment opportunities in both housing and apartments, vigilance over market signals remains crucial for successful real estate ventures in Farmington.
