Is Farmington Hills, 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 Hills has remained a Seller's Market.
Key Takeaway
Farmington Hills is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Farmington Hills, MI
How much do homes in Farmington Hills, MI cost?
Median Sold Price
$350,040
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Farmington Hills have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Farmington Hills was $350,040 in March 2024, up 3.1% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $113.5K | $107.5K | -5.3% |
| 2 Bedrooms | $206.5K | $231K | +11.9% |
| 3 Bedrooms | $315K | $335K | +6.3% |
| 4 Bedrooms | $415K | $432.5K | +4.2% |
| 5+ Bedrooms | $453.5K | $478.5K | +5.5% |
Summary: Farmington Hills housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.3%, 2 bedroom homes increased by 11.9%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes increased by 5.5%.
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% |
| Southfield | $215K | $220.7K | +2.7% |
| Franklin | $842K | $673.5K | -20.0% |
Housing Supply in Farmington Hills, MI
How many homes are available in Farmington Hills, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 151 | 149 | -1.3% |
Summary: The Farmington Hills real estate market had 149 homes for sale in March 2024, a 1.3% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 10 | +66.7% |
| 2 Bedrooms | 30 | 19 | -36.7% |
| 3 Bedrooms | 65 | 69 | +6.2% |
| 4 Bedrooms | 42 | 40 | -4.8% |
| 5+ Bedrooms | 8 | 11 | +37.5% |
Summary: The Farmington Hills housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes decreased by 36.7%, 3 bedroom homes increased by 6.2%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes increased by 37.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 52 | 47 | -9.6% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington Hills, you could pay more than the asking price. 57.4% of homes here sold above asking price last month.
Summary: A total of 47 homes were sold or pending in Farmington Hills in March 2024, down by 9.6% month-over-month. Of the 47 sold homes, 32% were sold under asking, 11% were sold at asking, and 57% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 133 Days | 14 Days | -89.0% |
Summary: Homes in Farmington Hills had an average of 14 days on market in Mar 2024, down by 89% compared to last year.
Breakdown of Home Sale Times
42 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Farmington Hills are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 47 homes were sold in Farmington Hills; 89% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
