Is Farmington, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Farmington has remained a Seller's Market.
Housing Prices in Farmington, MI
How much do homes in Farmington, MI cost?
Median Sold Price
$302,660
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Farmington was $302,660 in April 2024, up 8.1% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $92.5K | $95K | +2.7% |
2 Bedrooms | $246K | $200K | -18.7% |
3 Bedrooms | $285K | $323K | +13.3% |
4 Bedrooms | $325K | $445K | +36.9% |
5+ Bedrooms | $277.5K | $454.2K | +63.7% |
Summary: Farmington housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.7%, 2 bedroom homes decreased by 18.7%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 36.9%, and 5+ bedroom homes increased by 63.7%.
Median Sold Price Compared To Nearby Cities
Farmington | $280K | $302.6K | +8.1% |
Livonia | $264.4K | $285K | +7.8% |
Farmington Hills | $339.9K | $350K | +2.9% |
Housing Supply in Farmington, MI
How many homes are available in Farmington, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
31 | 29 | -6.5% |
Summary: The Farmington real estate market had 29 homes for sale in April 2024, a 6.5% decrease compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 11 | 9 | -18.2% |
3 Bedrooms | 8 | 13 | +62.5% |
4 Bedrooms | 8 | 5 | -37.5% |
5+ Bedrooms | 3 | 1 | -66.7% |
Summary: The Farmington housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 18.2%, 3 bedroom homes increased by 62.5%, 4 bedroom homes decreased by 37.5%, and 5+ bedroom homes decreased by 66.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
12 | 11 | -8.3% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in Farmington in April 2024, down by 8.3% month-over-month. Of the 11 sold homes, 27% were sold under asking, 36% were sold at asking, and 36% were sold over asking.
Days on Market for Farmington, MI
How long does it take to sell a home in Farmington, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
7 Days | 18 Days | +140.7% |
Summary: Homes in Farmington had an average of 18 days on market in Apr 2024, up by 140.7% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 11 homes were sold in Farmington; 82% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.