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Sarah Mitchell
Compass Real Estate · ZIP 87401
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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87401 ZIP Code Housing Market
$317,000median sale price
What is the 87401 housing market like right now?
The median home sale price in ZIP code 87401 is $317,000, up 15.3% year-over-year. Homes sell in an average of 26 days with 51 active listings. The market is currently a balanced market. (Source: Redfin monthly MLS data, as of March 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is the 87401 ZIP code a buyer's or seller's market?
ZIP code 87401 is currently a balanced market and homes selling in about 26 days. How we determine this →
What are the latest 87401 housing market stats?
| Metric | Value |
|---|---|
| Median sale price | $317,000 |
| Median list price | $299,000 |
| Year-over-year price change | +15.3% |
| Average days on market | 26 days |
| Active inventory | 51 listings |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
The 87401 zip code, located in Farmington, NM, is currently classified as a balanced market. The median sale price stands at $317,000, representing a +15.3% change year over year. Homes in this area spend an average of 26 days on the market before going under contract. There are currently 51 active listings in the area, which influences how much negotiating power buyers and sellers have.
ZIP 87401 sits in the Farmington, NM area, roughly 1.1 miles from downtown Farmington. Because home prices are set street by street, this ZIP can move differently from Farmington's citywide averages. The figures below reflect 87401 specifically — drawn from Redfin transactions, U.S. Census data for its 45,229 residents, and Zillow value estimates.
Homes sold
80
Last 12 weeks
Days on market
26
Average pace
Active listings
51
Sale-to-list
—
Below asking
What is driving the 87401 housing market?
The 87401 real estate market is shaped by a combination of local demand, housing supply, and broader economic trends. As a balanced market, market dynamics influence how quickly homes sell and at what price relative to their listing.
Year-over-year price trends are one of the most important indicators for both homebuyers and investors. Prices in 87401 have increased +15.3% compared to last year, suggesting continued demand and potential for further appreciation. For context, it's valuable to compare this trend against neighboring zip codes and the broader metro area to determine whether this performance is localized or part of a regional pattern.
The Zillow Home Value Index (ZHVI) for 87401 stands at $275,208, which represents Zillow's estimate of the typical home value in the area. The Zillow Observed Rent Index (ZORI) indicates typical rents of $1,335 per month. This gives a price-to-rent ratio of approximately 17.2, which sits in a moderate range where the buy-versus-rent decision depends heavily on individual financial circumstances and time horizon. Use our mortgage calculator to estimate monthly payments based on current home values and interest rates.
Who lives in 87401?
Population
45,229
Median income
$61,886/yr
Median age
37.8 years
Owner-occupied
64.8%
College grads
22.8%
Avg commute
19.37 min
What is it like living in 87401?
Zip code 87401 is home to approximately 45,229 residents. The median household income is $61,886 per year, which shapes the types of homes and amenities available in the area. With a median age of 37.8 years, the community's age profile influences everything from school enrollment to local business types and recreational offerings. Approximately 64.8% of housing units are owner-occupied, indicating a stable, ownership-oriented community where residents have a vested interest in maintaining property values and neighborhood quality.
About 22.8% of residents hold a bachelor's degree or higher, which often correlates with access to knowledge-economy jobs and higher earning potential in the area. The average commute time is 19.37 minutes, which is shorter than the national average and suggests good proximity to employment centers. These demographic factors, combined with the market data above, help paint a complete picture of what it's like to live and own property in 87401.
Which public schools serve ZIP 87401?
18 schools tracked · 9,391 students
The largest public schools serving ZIP code 87401 by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
FARMINGTON HIGH
Grades 9-12 · 1,821 students
HEIGHTS MIDDLE SCHOOL
Grades 6-8 · 699 students
TIBBETTS MIDDLE SCHOOL
Grades 6-8 · 683 students
HERMOSA MIDDLE SCHOOL
Grades 6-8 · 628 students
COUNTRY CLUB ELEMENTARY
Grades K-5 · 527 students
LADERA DEL NORTE ELEMENTARY
Grades K-5 · 526 students
NORTHEAST ELEMENTARY
Grades K-6 · 521 students
MCKINLEY ELEMENTARY
Grades K-5 · 465 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Frequently asked questions about 87401
What is the median home price in 87401?
The current median sale price in 87401 is $317,000, based on recent Redfin transaction data. Prices have changed +15.3% compared to last year. For the most up-to-date pricing and to see how this compares to nearby areas, use our comparison tool.
Is 87401 a buyer's or seller's market?
The 87401 zip code is currently classified as a balanced market. This assessment is based on key indicators including months of supply, sale-to-list price ratios, and average days on market.
What is the population of zip code 87401?
Zip code 87401 has a population of approximately 45,229 residents. The median household income is $61,886 per year. About 64.8% of homes are owner-occupied. This data is sourced from the U.S. Census Bureau and is updated annually.
How do I research neighborhoods in 87401?
Properties Incorporated provides comprehensive data for 87401 including median home prices, price history charts, days on market, active inventory, and Census Bureau demographics. To compare this area with other zip codes or cities, use our comparison tool. For mortgage planning, our mortgage calculator estimates monthly payments based on current prices and interest rates.
How often is the data for 87401 updated?
Market data on Properties Incorporated is updated regularly as new information becomes available. Redfin sales data is typically refreshed monthly, Zillow home value and rent estimates update monthly, and Census Bureau demographics are updated annually.
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