Metropolitan Statistical Area (MSA):
Farmington, NM is a Metropolitan Statistical Area (MSA) comprising counties including San Juan County.
There are many factors influencing real estate trends in the Farmington, NM metropolitan statistical area (MSA). The most significant drivers of the market are job growth, population growth, and interest rates.
The Farmington MSA has seen strong job growth in recent years. The region’s economy is diversified and includes a growing number of jobs in healthcare, education, and energy. This has led to an increase in demand for housing, which has put upward pressure on prices.
Population growth in the Farmington MSA has been modest but steady. The region is attractive to retirees and families looking for a good quality of life. This has helped to support the demand for housing.
Interest rates have remained low by historical standards, making financing more affordable. This has been a key factor driving the housing market in the Farmington MSA.