Farmington, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $470,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The current real estate market in Farmington, British Columbia, reflects steady growth with the median house price sitting at $525,000, which indicates a year-over-year increase of 4%. This consistent rise in house prices suggests a strong market that is trending positively. On the other hand, the median apartment price is currently $320,000 with a slightly lower growth rate of 2.5% year-over-year. These figures point towards a more modest but stable appreciation in the apartment sector.
With a population of 15,500 that has grown by 3.3%, Farmington is experiencing robust demographic expansion that could be contributing to the demand for housing. This increase in population is typically correlated with a burgeoning real estate market as new residents seek accommodation, potentially driving up property values and rental rates.
Investment Opportunities and Potential
From an investment standpoint, Farmington’s real estate market presents attractive opportunities. The consistent appreciation in house prices may appeal to investors looking for capital gains over time. Additionally, the relatively lower price point for apartments combined with a steady increase in value suggests potential for rental investments that could yield sustainable returns.
Given the solid population growth, there is also potential for development projects to meet the increased demand for housing. Investors might find success in both buy-and-hold strategies or short-term flips given the favorable conditions. With careful analysis and strategic selection of properties, there is significant potential for profitable investments in both residential sectors.
Future Market Outlook
The outlook for Farmington’s real estate market remains optimistic. If current trends continue, we can expect further gradual increases in property values across both houses and apartments. The sustained population growth should continue to provide a stable foundation for demand within the housing market. However, prospective investors and homeowners should remain aware of broader economic conditions and any local developments that could impact these trends.
It is important to monitor interest rate changes, employment rates within the region, and any government policies introduced that may affect real estate markets. As long as Farmington maintains its positive economic indicators and population growth trajectory, the future market outlook appears promising for continued investment and healthy returns.
