Is Farmington Township, NC 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 Township has remained a Seller's Market.
Housing Prices in Farmington Township, NC
How much do homes in Farmington Township, NC cost?
Median Sold Price
$385,000
$168/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Farmington Township was $385,000 in May 2024, up 14.8% from last year, and the median price per square foot was $168.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $95K | - | N/A |
2 Bedrooms | $167.9K | $194.5K | +15.8% |
3 Bedrooms | $329K | $380K | +15.5% |
4 Bedrooms | $415K | $629K | +51.6% |
5+ Bedrooms | $471K | $815K | +73.0% |
Summary: Farmington Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 15.8%, 3 bedroom homes increased by 15.5%, 4 bedroom homes increased by 51.6%, and 5+ bedroom homes increased by 73%.
Median Sold Price Compared To Nearby Cities
Bermuda Run | $227.5K | $283.7K | +24.7% |
Farmington Township | $335.5K | $385K | +14.8% |
Advance | $367.2K | $410K | +11.6% |
Shady Grove Township | $399K | $426.5K | +6.9% |
Mocksville Township | $258.4K | $264K | +2.1% |
Housing Supply in Farmington Township, NC
How many homes are available in Farmington Township, NC?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
58 | 64 | +10.3% |
Summary: The Farmington Township real estate market had 64 homes for sale in May 2024, a 10.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 16 | 12 | -25.0% |
3 Bedrooms | 19 | 27 | +42.1% |
4 Bedrooms | 18 | 19 | +5.6% |
5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Farmington Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 42.1%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
10 | 14 | +40.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 14 homes were sold or pending in Farmington Township in May 2024, up by 40.0% month-over-month. Of the 14 sold homes, 36% were sold under asking, 29% were sold at asking, and 36% were sold over asking.
Days on Market for Farmington Township, NC
How long does it take to sell a home in Farmington Township, NC?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
78 Days | 31 Days | -59.8% |
Summary: Homes in Farmington Township had an average of 31 days on market in May 2024, down by 59.8% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 14 homes were sold in Farmington Township; 64% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.