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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Farmington Hills is a seller's market

Buyer's
Market

Difference Since August 2021

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.

How much do homes in Farmington Hills, MI cost?

Median Sold Price

$319,266

$169/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2021

+$23,016(+7.8%)

Key Takeaway

Homes in Farmington Hills have sold for 7.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSAug 2021Aug 2022%
1 $80K$111K
+38.8%
2 $156K$200K
+28.2%
3 $277.7K$300K
+8.0%
4 $365.1K$407K
+11.5%
5+ $421.5K$427.5K
+1.4%

Median Sold Price Compared To Nearby Cities

Farmington
+24.5%
Franklin
+21.9%
Livonia
+8.3%
Southfield
+8.1%
Farmington Hills
+7.8%

How many homes are available in Farmington Hills, MI?

Number of Homes For Sale

Jul 2022Aug 2022%
255263+3.1%

Homes For Sale By Bedroom Count

# BEDSJul 2022Aug 2022%
1 36
+100.0%
2 3934
-12.8%
3 100101
+1.0%
4 100103
+3.0%
5+ 1319
+46.2%

Number of Homes Sold

Jul 2022Aug 2022%
8175-7.4%

Asking Price vs. Sold Price

22 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

44 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Farmington Hills, you could pay more than the asking price. 58.7% of homes here sold above asking price last month.

Average Sale Time

Aug 2021Aug 2022%
18 Days20 Days+8.3%

Breakdown of Home Sale Times

60 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Farmington Hills 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 Hills, MI

Farmington Hills, MI has 263 homes on the market. The number of homes for sale in Farmington Hills, MI increased by 3.1% between July 2022 and August 2022. In August 2022 median list price was $319,266 and the average listing age was 20 days. This housing market listing prices have changed between July 2022 and August 2022: the cost of 1 bedroom properties went up by 38.8%, 2 bedrooms properties became 28.2% more expensive, prices of 3 bedrooms properties increased by 8%, the cost of 4 bedrooms properties went up by 11.5%, 5 bedrooms properties became 1.4% more expensive. Volume of homes for sale changed: volume of 1 bedroom homes went up by 100%, 2 bedrooms homes became 12.8% less available, number of 3 bedrooms homes increased by 1%, number of 4 bedrooms homes increased by 3%, 5 bedrooms homes became 46.2% more available. Farmington Hills, MI housing market in August 2022 saw over 44 listings sold above listed price, more than 9 sold at listed price and over 22 sold below.

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