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 January 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

$349,500

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$9,931(+2.9%)

Key Takeaway

Homes in Farmington Hills have sold for 2.9% more than they did a year ago.

Summary: The median home sold price in Farmington Hills was $349,500 in January 2024, up 2.9% from last year, and the median price per square foot was $177.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $110.7K$107.5K
-2.9%
2 $206.5K$226K
+9.4%
3 $315K$330K
+4.8%
4 $416.3K$425K
+2.1%
5+ $445K$461K
+3.6%

Summary: Farmington Hills housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.9%, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes increased by 3.6%.

Median Sold Price Compared To Nearby Cities

Farmington
+8.7%
Livonia
+7.0%
Southfield
+4.1%
Farmington Hills
+2.9%
Franklin
0.5%

Housing Supply in Farmington Hills, MI

How many homes are available in Farmington Hills, MI?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
139125-10.1%

Summary: The Farmington Hills real estate market had 125 homes for sale in January 2024, a 10.1% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 107
-30.0%
2 2534
+36.0%
3 5543
-21.8%
4 4034
-15.0%
5+ 97
-22.2%

Summary: The Farmington Hills housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 30%, 2 bedroom homes increased by 36%, 3 bedroom homes decreased by 21.8%, 4 bedroom homes decreased by 15%, and 5+ bedroom homes decreased by 22.2%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
5534-38.2%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Farmington Hills, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 34 homes were sold or pending in Farmington Hills in January 2024, down by 38.2% month-over-month. Of the 34 sold homes, 50% were sold under asking, 18% were sold at asking, and 32% 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

Jan 2023Jan 2024CHANGE
38 Days24 Days-34.5%

Summary: Homes in Farmington Hills had an average of 24 days on market in Jan 2024, down by 34.5% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was 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.

Summary: During January 2024, 34 homes were sold in Farmington Hills; 71% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.

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

Report Updated 23 Days Ago

Newest Listings in Farmington Hills, MI

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