Is Farmington, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Farmington is a seller's market

Buyer's
Market

Difference Since November 2021

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.

How much do homes in Farmington, MI cost?

Median Sold Price

$277,000

$179/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$29,250(+11.8%)

Key Takeaway

Homes in Farmington have sold for 11.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $60.7K$92.5K
+52.3%
2 $155K$246K
+58.7%
3 $250K$276.5K
+10.6%
4 $309.3K$340K
+9.9%
5+ $448.5K$405K
-9.7%

Median Sold Price Compared To Nearby Cities

Farmington
+11.8%
Farmington Hills
+8.5%
Livonia
+4.8%

How many homes are available in Farmington, MI?

Number of Homes For Sale

Oct 2022Nov 2022%
3321-36.4%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 21
-50.0%
2 75
-28.6%
3 146
-57.1%
4 98
-11.1%
5+ 11
0.0%

Number of Homes Sold

Oct 2022Nov 2022%
166-62.5%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Farmington, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Farmington are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Farmington, MI

Farmington, MI has 21 homes for sale to choose from. In November 2022 in Farmington, MI there were 36.4% less homes for sale than in October 2022. While the average time on the market in November 2022 was 24 days, the median list price was $277,000. From October 2022 through November 2022, the following changes in listing prices were observed in this housing market: 1 bedroom properties prices increased by 52.3%, 2 bedrooms properties prices increased by 58.7%, prices of 3 bedrooms properties increased by 10.6%, the cost of 4 bedrooms properties went up by 9.9%, 5 bedrooms properties prices decreased by 9.7%. Volume of homes for sale changed: 1 bedroom homes became 50% less available, volume of 2 bedrooms homes went down by 28.6%, 3 bedrooms homes became 57.1% less available, number of 4 bedrooms homes decreased by 11.1%, volume of 5 bedrooms homes stayed the same. In November 2022, from all listings sold in Farmington, MI there were more than 3 sold above asking price, over 2 sold below and more than 1 were sold right at the asked price.

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