The story of this market
The typical home in ZIP 87402 sells for about $369,000, or $179 per square foot.
Prices are down 2.9% from a year ago, which gives buyers more room to negotiate. Homes take about 68 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,450 a month.
ZIP 87402 — Farmington
The housing market in 87402 is currently stable, with a median listing price of $369,000 and a moderate supply of inventory. While year-over-year price growth has seen a slight decline, the market remains balanced for buyers and sellers. Local economic factors, particularly in the energy and healthcare sectors, continue to support steady demand.
This area is well-suited for families and local professionals seeking a balance of suburban living and access to regional employment. It appeals to those looking for relatively affordable housing compared to larger metropolitan markets.
Median prices moved down 2.9% year over year.
Homes spend a median of 68 days on market with 4.7 months of supply — a balanced-paced market.
12% of listings have cut prices · homes sell at 98.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 5.2% · poverty 9.3% — 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 5.8%/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 4.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
ZCTA 87402, San Juan County NM
Crime rates in Farmington are generally higher than the national average, with property crime being the most frequently reported issue. Local law enforcement continues to focus on community policing initiatives to address these regional trends.
Schools in the area are part of the Farmington Municipal School District, which provides a range of educational services. Performance varies by campus, with some schools meeting state benchmarks while others face challenges in student achievement metrics.
The area faces moderate risks related to wildfire and high-wind events common to the high-desert climate of northwest New Mexico. Property owners are encouraged to maintain defensible space and carry appropriate hazard insurance coverage.
Economic momentum is driven by the energy sector, healthcare, and retail services in the Farmington area. Infrastructure development remains focused on maintaining regional connectivity and supporting local business expansion.
Property taxes are assessed by San Juan County based on the property's taxable value, with rates determined by local mill levies. Exemptions are available for head-of-household and veteran status as defined by New Mexico state law.
Residents primarily rely on personal vehicles for commuting, with a mean travel time to work of approximately 21.7 minutes. The area is well-connected to the broader Farmington employment core via major arterial roads.
The ZIP code offers access to local parks, walking trails, and proximity to the San Juan River for outdoor activities. Shopping and dining options are concentrated along major commercial corridors within the city.
The rental market is characterized by steady demand from local workers and families, with moderate vacancy pressure. Short-term rental activity is present but remains secondary to long-term residential leasing.
The economy is anchored by the energy industry, San Juan Regional Medical Center, and the public school system. Retail and hospitality sectors provide significant employment opportunities for the local population.
The area is served by a network of state highways and local roads, with limited public transit options. Most residents commute by private vehicle to reach employment centers in Farmington and surrounding areas.
Development efforts are focused on infill projects and the expansion of commercial services along major thoroughfares. City planning emphasizes sustainable growth and infrastructure upgrades.
The San Juan County Assessor's office manages property valuations, utilizing a mass appraisal system to determine taxable values annually. Assessments are subject to state-mandated oversight and appeal processes.
Parcels in this ZIP are served by the Farmington Municipal School District and various utility districts providing water and sanitation services. No major MUDs or PIDs are currently reported for this area.
Property insurance premiums are influenced by regional wildfire and wind risks. Market health is stable, though insurers are increasingly sensitive to climate-related hazard exposure.
Data retrieved from Census Reporter and data.census.gov for ZCTA 87402.
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.
A major riverside park featuring walking trails and picnic areas.
The primary regional shopping destination serving the Farmington area.
Hosts local events, performances, and community gatherings.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.