The story of this market
The typical home in ZIP 55024 sells for about $383,000, or $205 per square foot.
Prices are roughly flat from a year ago (+0.7%), a market in balance. Homes take about 45 days to sell. HUD's fair market rent for a two-bedroom is $1,483 a month.
ZIP 55024 — Farmington
The housing market in 55024 shows steady price appreciation and consistent demand, driven by suburban growth and family-oriented buyers. While rental market conditions present some challenges regarding vacancy and yield, the overall residential sector remains stable. Figures for specific metrics like price cuts and months of supply are based on current market listings and regional trends.
This ZIP is well-suited for family buyers seeking suburban space and commuters looking for a balance between affordability and access to the Twin Cities, though investors should approach with caution regarding rental yields.
Median prices moved up 0.7% year over year.
Homes spend a median of 45 days on market with 3.2 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.9% · poverty 3.9% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 55024, Dakota County MN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime trends in Farmington are generally stable and compare favorably to regional averages in the Twin Cities metro area.
Schools serving the area are primarily part of Farmington Area Public Schools, which maintains a solid reputation for academic performance and extracurricular programming.
The area faces standard Midwestern climate risks, including severe thunderstorms and winter weather, with flood risk primarily concentrated near the Vermillion River.
The area is experiencing steady suburban growth with ongoing residential developments and infrastructure improvements to support the expanding population.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Minnesota) — Condominium Unit Taxation: Each unit constitutes a separate parcel for tax purposes. If a declaration is recorded at least 30 days before a tax installment is due, the taxing authority must split the taxes among the units. State (Minnesota) — Minnesota General Property Tax Classification System: Property tax is calculated by applying a class rate to the parcel's estimated market value to determine tax capacity, then multiplying by the local tax rate. For residential homesteads (Class 1a), the rate is 1.00% for the first $500,000 of market value and 1.
Commuters primarily utilize Highway 3 and Highway 50 to access employment hubs in the southern Twin Cities metro area, with average commute times reflecting suburban travel patterns.
The area features extensive park systems, including Rambling River Park and various trail networks, alongside local golf courses and community shopping centers.
The rental market faces some vacancy pressure and softer price growth, requiring disciplined management for investors due to tenant stability considerations.
The local economy is supported by a mix of retail, education, and healthcare services, with many residents commuting to the broader Twin Cities employment market.
Transportation is primarily highway-dependent, with major corridors providing access to the regional transit network.
Development is focused on expanding residential capacity and improving local infrastructure to accommodate growth.
Dakota County manages property assessments with a focus on market-value parity across residential and commercial sectors.
Parcels are subject to Farmington Area Public Schools district levies and various municipal utility districts.
Property insurance premiums are influenced by regional weather patterns, including wind and hail exposure common in Minnesota.
Data retrieved from data.census.gov ZCTA 55024 profile.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Mall of America®4.617 mi
- Valleyfair4.219.6 mi
- Great Wolf Lodge | Minnesota3.917.5 mi
- Nickelodeon Universe4.517 mi
- Edinborough Park4.619 mi
- Hazelwood Food and Drink Bloomington4.717 mi
- Centennial Lakes Park4.719.4 mi
- Hyland Hills Ski Area4.219 mi
- TCO Stadium4.716.6 mi
- Pinstripes4.419.6 mi
- Minnesota Zoo4.610.6 mi
- Emagine Eagan4.412.4 mi
- Lebanon Hills Regional Park4.811.8 mi
- DUCK!4.412.7 mi
- Emagine Lakeville4.48.3 mi
- Historic Fort Snelling4.719 mi
- Wood Lake Nature Center4.719.5 mi
- The Works Museum4.416.1 mi
- Crayola Experience Mall of America4.316.9 mi
- Museum of Illusions Mall of America4.817 mi
- Lebanon Hills Regional Park4.811.8 mi
- Aronson Park4.65.3 mi
- Whitetail Woods Regional Park4.86.1 mi
- Apple Valley Community Center4.39.4 mi
- Steve Michaud Park4.68.1 mi
- Pool and Yacht Club4.719.7 mi
- Watergate Marina4.519.1 mi
- Knotty Oar Marina4.716.2 mi
- Your Boat Club Prior Lake4.714.6 mi
- Point St Croix Marina & Pub "The Shrimp Shack"4.618.7 mi
- Emerald Greens Golf Course411.6 mi
- Legends Golf Club4.710.7 mi
- Brackett's Crossing Country Club4.710 mi
- Southern Hills Golf Course4.33.7 mi
- Valleywood Golf Course3.810.5 mi
- Fleet Farm4.39.1 mi
- Burnsville Center3.911.3 mi
- T.J. Maxx & HomeGoods4.311.5 mi
- Hy-Vee Grocery Store4.46.8 mi
- Burlington3.28.6 mi
- Minneapolis-Saint Paul International Airport4.418.7 mi
- Shoyu3.718.5 mi
- Mimosa318.5 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
A major community park featuring trails and recreational facilities.
Provides scenic natural areas and fishing opportunities.
Local course serving the community.
Key-figure check: median price corroborated by the published ten-year series (2024) (within 12.5%).