Is Farmington, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$310,000
$207/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Farmington was $310,000 in March 2024, up 11.3% from last year, and the median price per square foot was $207.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $92.5K | $95K | +2.7% |
2 Bedrooms | $255K | $210K | -17.6% |
3 Bedrooms | $280K | $320K | +14.3% |
4 Bedrooms | $326.6K | $440K | +34.7% |
5+ Bedrooms | $310K | $478.5K | +54.4% |
Summary: Farmington housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.7%, 2 bedroom homes decreased by 17.6%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 34.7%, and 5+ bedroom homes increased by 54.4%.
Median Sold Price Compared To Nearby Cities
Farmington | $278.5K | $310K | +11.3% |
Livonia | $264.7K | $284.9K | +7.6% |
Farmington Hills | $339.6K | $350K | +3.1% |
Housing Supply in Farmington, MI
How many homes are available in Farmington, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
23 | 31 | +34.8% |
Summary: The Farmington real estate market had 31 homes for sale in March 2024, a 34.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 7 | 11 | +57.1% |
3 Bedrooms | 5 | 8 | +60.0% |
4 Bedrooms | 7 | 8 | +14.3% |
5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Farmington housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 57.1%, 3 bedroom homes increased by 60%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
6 | 10 | +66.7% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Farmington in March 2024, up by 66.7% month-over-month. Of the 10 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
151 Days | 29 Days | -80.5% |
Summary: Homes in Farmington had an average of 29 days on market in Mar 2024, down by 80.5% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 10 homes were sold in Farmington; 70% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.