Farmington-area home prices rise 5.9% in May, with houses for sale in high demand
FARMINGTON — A typical San Juan County home listed for $317,450 in May, up 5.9% from a month earlier, an analysis of data from Realtor.com shows.
The median list home price in May was up about 41.7% from May 2021. San Juan County's median home was 2,060 square feet for a listed price of $158 per square foot.
The San Juan County market was busy, with a median 43 days on market. A month earlier, homes had a median 38 days on market. The market added 104 new home listings in May, compared with the 120 added in May 2021. The market ended the month with some 108 listings of homes for sale.
Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.
Across all of New Mexico, median home prices were $350,000, rising 2.1% from a month earlier. The median New Mexico home for sale had 1,996 square feet at list price of $175 per square foot.
Across the United States, median home prices were $446,950, up 5.2% from a month earlier. The median American home for sale had 1,861 square feet, listed at $226 per square foot.
The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes listed are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the Realtor.com residential listings database.. The story was written by Mike Stucka and Sean Lahman.