Farmington-area home prices rise 4.2% in August, with houses for sale in high demand

Mike Stucka and Sean Lahman USA TODAY NETWORK

A typical San Juan County home listed for $297,000 in August, up 4.2% from the previous month's $285,000, an analysis of data from Realtor.com shows.

The median list home price in August was up about 29.7% from August 2021. San Juan County's median home was 2,024 square feet for a listed price of $150 per square foot.

The San Juan County market was busy, with a median 50 days on market. A month earlier, homes had a median 44 days on market. The market added 76 new home listings in August, compared with the 104 added in August 2021. The market ended the month with some 131 listings of homes for sale.

The median home prices issued by Realtor.com may exclude much, or even most, of a market's homes. The price and volume represent only homes that are single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.

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 $375,000, rising 1.4% from a month earlier. The median New Mexico home for sale had 2,016 square feet at list price of $183 per square foot.

Across the United States, median home prices were $435,050, down 3.1% from a month earlier. The median American home for sale had 1,890 square feet, listed at $222 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.