Is Farmington Hills, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Farmington Hills has remained a Seller's Market.
Housing Prices in Farmington Hills, MI
How much do homes in Farmington Hills, MI cost?
Median Sold Price
$345,000
$184/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Farmington Hills was $345,000 in June 2024, up 0.8% from last year, and the median price per square foot was $184.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $107.9K | $116K | +7.5% |
2 Bedrooms | $221.9K | $230K | +3.6% |
3 Bedrooms | $317.8K | $325K | +2.3% |
4 Bedrooms | $415K | $446K | +7.5% |
5+ Bedrooms | $461K | $525K | +13.9% |
Summary: Farmington Hills housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.5%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 2.3%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 13.9%.
Median Sold Price Compared To Nearby Cities
Livonia | $266K | $290K | +9.0% |
Farmington | $284K | $300K | +5.6% |
Southfield | $215K | $225.1K | +4.7% |
Farmington Hills | $342.3K | $345K | +0.8% |
Franklin | $859K | $727K | -15.4% |
Housing Supply in Farmington Hills, MI
How many homes are available in Farmington Hills, MI?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
221 | 238 | +7.7% |
Summary: The Farmington Hills real estate market had 238 homes for sale in June 2024, a 7.7% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 8 | 9 | +12.5% |
2 Bedrooms | 44 | 56 | +27.3% |
3 Bedrooms | 87 | 86 | -1.1% |
4 Bedrooms | 71 | 74 | +4.2% |
5+ Bedrooms | 11 | 13 | +18.2% |
Summary: The Farmington Hills housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 27.3%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
79 | 78 | -1.3% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
46 Homes Were Sold
Over Asking
Summary: A total of 78 homes were sold or pending in Farmington Hills in June 2024, down by 1.3% month-over-month. Of the 78 sold homes, 33% were sold under asking, 8% were sold at asking, and 59% were sold over asking.
Days on Market for Farmington Hills, MI
How long does it take to sell a home in Farmington Hills, MI?
Average Sale Time
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
14 Days | 14 Days | +5.3% |
Summary: Homes in Farmington Hills had an average of 14 days on market in Jun 2024, up by 5.3% compared to last year.
Breakdown of Home Sale Times
71 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During June 2024, 78 homes were sold in Farmington Hills; 91% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.