Cities with the most expensive homes in the Farmington metro area

Purchasing a home is one of the most important investments there is. More than a place to live, homeownership is an asset with the potential to tremendously rise in value. But with home prices reaching record heights, affordability plays a huge role for buyers.

The typical home value in the United States was $366,289 in May, 0.4% higher than the year before.

High mortgage rates are also making monthly payments more expensive; as of June 18, the 30-year fixed mortgage rate sits at 6.81%.

Although home prices have inflated all across the U.S., there are some cities that command a higher price tag than others. Location, size, age, and condition are all contributing factors to home value.

Stacker compiled a list of cities with the most expensive homes in the Farmington metro area using data from Zillow. Charts show the monthly typical home value since January 2018. All 8 cities and towns with data available were included in the list.