Is Farmington, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Farmington has remained a Seller's Market.
Key Takeaway
Farmington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Farmington, MI
How much do homes in Farmington, MI cost?
Median Sold Price
$300,000
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Farmington have sold for 6.1% more than they did a year ago.
Summary: The median home sold price in Farmington was $300,000 in May 2024, up 6.1% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $91K | $95K | +4.4% |
| 2 Bedrooms | $230K | $200K | -13.0% |
| 3 Bedrooms | $285K | $323K | +13.3% |
| 4 Bedrooms | $347.5K | $441K | +26.9% |
| 5+ Bedrooms | $277.5K | $465K | +67.6% |
Summary: Farmington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.4%, 2 bedroom homes decreased by 13%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 26.9%, and 5+ bedroom homes increased by 67.6%.
Median Sold Price Compared To Nearby Cities
| Livonia | $264.7K | $289.9K | +9.5% |
| Farmington | $282.7K | $300K | +6.1% |
| Farmington Hills | $343.4K | $345.5K | +0.6% |
Housing Supply in Farmington, MI
How many homes are available in Farmington, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 30 | 35 | +16.7% |
Summary: The Farmington real estate market had 35 homes for sale in May 2024, a 16.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 12 | 11 | -8.3% |
| 3 Bedrooms | 11 | 13 | +18.2% |
| 4 Bedrooms | 5 | 8 | +60.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Farmington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 8.3%, 3 bedroom homes increased by 18.2%, 4 bedroom homes increased by 60%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 13 | +8.3% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington, you could pay more than the asking price. 53.8% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in Farmington in May 2024, up by 8.3% month-over-month. Of the 13 sold homes, 23% were sold under asking, 23% were sold at asking, and 54% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 14 Days | 15 Days | +3.8% |
Summary: Homes in Farmington had an average of 15 days on market in May 2024, up by 3.8% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Farmington are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in Farmington; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
