Is Farwell, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Farwell has remained a Buyer's Market.
Key Takeaway
Farwell is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Farwell, MI
How much do homes in Farwell, MI cost?
Median Sold Price
$196,000
$138/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Farwell have sold for 4.4% less than they did a month ago.
Summary: The median home sold price in Farwell was $196,000 in March 2024, down 4.4% from last month, and the median price per square foot was $138.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $205K | $196K | -4.4% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Farwell housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 4.4%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Surrey Township | $28K | $137K | +389.3% |
| Farwell | $205K | $196K | -4.4% |
Housing Supply in Farwell, MI
How many homes are available in Farwell, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 16 | +45.5% |
Summary: The Farwell real estate market had 16 homes for sale in March 2024, a 45.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 4 | +300.0% |
| 3 Bedrooms | 8 | 10 | +25.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Farwell housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 300%, 3 bedroom homes increased by 25%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farwell, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Farwell in March 2024, up by 100.0% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Farwell, MI
How long does it take to sell a home in Farwell, MI?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 Days | 90 Days | +800.0% |
Summary: Homes in Farwell had an average of 90 days on market in Mar 2024, up by 800% compared to last month.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Farwell has remained consistent over time.
Summary: During March 2024, 2 homes were sold in Farwell; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
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