Is Farmington Township, NC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Farmington Township is a neutral's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Farmington Township was a Seller's Market.

Key Takeaway

Farmington Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Farmington Township, NC

How much do homes in Farmington Township, NC cost?

Median Sold Price

$368,250

$162/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$32,750(+9.8%)

Key Takeaway

Homes in Farmington Township have sold for 9.8% more than they did a year ago.

Summary: The median home sold price in Farmington Township was $368,250 in April 2024, up 9.8% from last year, and the median price per square foot was $162.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $95K-
N/A
2 $172.5K$186.9K
+8.4%
3 $329K$375K
+14.0%
4 $426.5K$622.5K
+46.0%
5+ $471K$689K
+46.3%

Summary: Farmington Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 14%, 4 bedroom homes increased by 46%, and 5+ bedroom homes increased by 46.3%.

Median Sold Price Compared To Nearby Cities

Bermuda Run
+13.2%
Farmington Township
+9.8%
Shady Grove Township
+4.5%
Advance
+4.3%
Mocksville Township
-1.3%

Housing Supply in Farmington Township, NC

How many homes are available in Farmington Township, NC?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
55550.0%

Summary: The Farmington Township real estate market had 55 homes for sale in April 2024, the same as March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 11
0.0%
2 1714
-17.6%
3 2418
-25.0%
4 1018
+80.0%
5+ 34
+33.3%

Summary: The Farmington Township 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 decreased by 17.6%, 3 bedroom homes decreased by 25%, 4 bedroom homes increased by 80%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
159-40.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Farmington Township, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in Farmington Township in April 2024, down by 40.0% month-over-month. Of the 9 sold homes, 67% were sold under asking, 22% were sold at asking, and 11% 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

Apr 2023Apr 2024CHANGE
73 Days54 Days-25.0%

Summary: Homes in Farmington Township had an average of 54 days on market in Apr 2024, down by 25% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

3 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 Township are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 9 homes were sold in Farmington Township; 44% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 22% 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 11 Days Ago

Newest Listings in Farmington Township, NC

Nearby Markets to Farmington Township, NC

What housing markets are near Farmington Township, NC?