Is Farmington Township, NC 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 Township has remained a Seller's Market.
Key Takeaway
Farmington Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Farmington Township, NC
How much do homes in Farmington Township, NC cost?
Median Sold Price
$363,750
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Farmington Township have sold for 1.5% more than they did a year ago.
Summary: The median home sold price in Farmington Township was $363,750 in March 2024, up 1.5% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | - | N/A |
| 2 Bedrooms | $170K | $202.5K | +19.1% |
| 3 Bedrooms | $350K | $375K | +7.1% |
| 4 Bedrooms | $420K | $625K | +48.8% |
| 5+ Bedrooms | $524.5K | $675K | +28.7% |
Summary: Farmington Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 19.1%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 48.8%, and 5+ bedroom homes increased by 28.7%.
Median Sold Price Compared To Nearby Cities
| Bermuda Run | $250K | $270.5K | +8.2% |
| Mocksville Township | $245K | $258.2K | +5.4% |
| Advance | $370K | $385.5K | +4.2% |
| Farmington Township | $358.5K | $363.7K | +1.5% |
| Shady Grove Township | $415K | $410K | -1.2% |
Housing Supply in Farmington Township, NC
How many homes are available in Farmington Township, NC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 46 | 51 | +10.9% |
Summary: The Farmington Township real estate market had 51 homes for sale in March 2024, a 10.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 17 | 15 | -11.8% |
| 3 Bedrooms | 18 | 22 | +22.2% |
| 4 Bedrooms | 9 | 9 | 0.0% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Farmington Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 11.8%, 3 bedroom homes increased by 22.2%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 14 | +55.6% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington Township, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in Farmington Township in March 2024, up by 55.6% month-over-month. Of the 14 sold homes, 43% were sold under asking, 14% were sold at asking, and 43% were sold over asking.
Days on Market for Farmington Township, NC
How long does it take to sell a home in Farmington Township, NC?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 25 Days | 59 Days | +131.1% |
Summary: Homes in Farmington Township had an average of 59 days on market in Mar 2024, up by 131.1% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Farmington Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 14 homes were sold in Farmington Township; 64% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
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