$2,969 Closing Credit*
$250,000
1,018 SqFt
3 Beds
•1 Full Bath
Ryan VandenBoogaart, Listing Office: Real Estate One-Rochester
Is Farmington, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Farmington was a Seller's Market.
Key Takeaway
Farmington is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Farmington, MI
How much do homes in Farmington, MI cost?
Median Sold Price
$300,000
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$9,000(-2.9%)
Key Takeaway
Homes in Farmington have sold for 2.9% less than they did a year ago.
Summary: The median home sold price in Farmington was $300,000 in October 2024, down 2.9% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $94.7K | $78K | -17.7% |
| 2 Bedrooms | $217.5K | $210K | -3.4% |
| 3 Bedrooms | $320K | $300K | -6.3% |
| 4 Bedrooms | $391K | $415K | +6.1% |
| 5+ Bedrooms | $337.5K | $471.7K | +39.8% |
Summary: Farmington housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 17.7%, 2 bedroom homes decreased by 3.4%, 3 bedroom homes decreased by 6.3%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes increased by 39.8%.
Median Sold Price Compared To Nearby Cities
| Livonia | $275.9K | $300K | +8.7% |
| Farmington Hills | $350K | $351.1K | 0.3% |
| Farmington | $309K | $300K | -2.9% |
Housing Supply in Farmington, MI
How many homes are available in Farmington, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 38 | 42 | +10.5% |
Summary: The Farmington real estate market had 42 homes for sale in October 2024, a 10.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 5 | 8 | +60.0% |
| 3 Bedrooms | 17 | 20 | +17.6% |
| 4 Bedrooms | 10 | 7 | -30.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Farmington housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 60%, 3 bedroom homes increased by 17.6%, 4 bedroom homes decreased by 30%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 11 | 5 | -54.5% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington, you could pay more than the asking price. 80% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in Farmington in October 2024, down by 54.5% month-over-month. Of the 5 sold homes, 20% were sold under asking, 0% were sold at asking, and 80% were sold over asking.
Days on Market for Farmington, MI
How long does it take to sell a home in Farmington, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 39 Days | 12 Days | -69.0% |
Summary: Homes in Farmington had an average of 12 days on market in Oct 2024, down by 69% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Farmington are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 5 homes were sold in Farmington; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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.
© 2024 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.