Is Farmington, CT a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
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, CT
How much do homes in Farmington, CT cost?
Median Sold Price
$373,666
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Farmington have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Farmington was $373,666 in November 2023, up 3.8% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $120K | $135K | +12.5% |
| 2 Bedrooms | $235K | $260.5K | +10.9% |
| 3 Bedrooms | $370K | $385K | +4.1% |
| 4 Bedrooms | $550K | $585.5K | +6.5% |
| 5+ Bedrooms | $812.5K | $1.0M | +29.8% |
Summary: Farmington housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 29.8%.
Median Sold Price Compared To Nearby Cities
| Plainville | $240K | $265K | +10.4% |
| New Britain | $239.5K | $255K | +6.5% |
| Farmington | $360K | $373.6K | +3.8% |
| Avon | $445K | $461.6K | +3.7% |
| Unionville | $370K | $356.2K | -3.7% |
Housing Supply in Farmington, CT
How many homes are available in Farmington, CT?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 72 | 65 | -9.7% |
Summary: The Farmington real estate market had 65 homes for sale in November 2023, a 9.7% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 14 | 16 | +14.3% |
| 3 Bedrooms | 29 | 24 | -17.2% |
| 4 Bedrooms | 11 | 8 | -27.3% |
| 5+ Bedrooms | 17 | 15 | -11.8% |
Summary: The Farmington housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 17.2%, 4 bedroom homes decreased by 27.3%, and 5+ bedroom homes decreased by 11.8%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 29 | 16 | -44.8% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington, you could pay more than the asking price. 68.8% of homes here sold above asking price last month.
Summary: A total of 16 homes were sold or pending in Farmington in November 2023, down by 44.8% month-over-month. Of the 16 sold homes, 25% were sold under asking, 6% were sold at asking, and 69% were sold over asking.
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