Is Farmington Hills, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$350,000
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
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 $350,000 in April 2024, up 2.9% from last year, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $107.5K | -6.5% |
| 2 Bedrooms | $214.5K | $232K | +8.2% |
| 3 Bedrooms | $315K | $330.6K | +5.0% |
| 4 Bedrooms | $411.5K | $440K | +6.9% |
| 5+ Bedrooms | $465.2K | $478.5K | +2.8% |
Summary: Farmington Hills housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.5%, 2 bedroom homes increased by 8.2%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes increased by 2.8%.
Median Sold Price Compared To Nearby Cities
| Farmington | $280K | $302.6K | +8.1% |
| Livonia | $264.4K | $285K | +7.8% |
| Southfield | $215K | $225K | +4.7% |
| Farmington Hills | $339.9K | $350K | +2.9% |
| Franklin | $846.5K | $673.5K | -20.4% |
Housing Supply in Farmington Hills, MI
How many homes are available in Farmington Hills, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 150 | 192 | +28.0% |
Summary: The Farmington Hills real estate market had 192 homes for sale in April 2024, a 28.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 12 | 0.0% |
| 2 Bedrooms | 18 | 31 | +72.2% |
| 3 Bedrooms | 70 | 82 | +17.1% |
| 4 Bedrooms | 41 | 58 | +41.5% |
| 5+ Bedrooms | 9 | 9 | 0.0% |
Summary: The Farmington Hills housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 72.2%, 3 bedroom homes increased by 17.1%, 4 bedroom homes increased by 41.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 53 | 53 | 0.0% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington Hills, you may be able to get a good deal. 45.3% of homes here sold below asking price last month.
Summary: A total of 53 homes were sold or pending in Farmington Hills in April 2024, the same as the previous month. Of the 53 sold homes, 45% were sold under asking, 11% were sold at asking, and 43% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 94 Days | 25 Days | -73.0% |
Summary: Homes in Farmington Hills had an average of 25 days on market in Apr 2024, down by 73% compared to last year.
Breakdown of Home Sale Times
42 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 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 April 2024, 53 homes were sold in Farmington Hills; 79% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.