$1,603 Closing Credit*
$135,000
870 SqFt
2 Beds
•1 Full Bath
Gary Young, Listing Office: Good Company Realty
Is Farmington, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Farmington has remained a Seller's Market.
Key Takeaway
Farmington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Farmington, MI
How much do homes in Farmington, MI cost?
Median Sold Price
$319,050
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$7,450(-2.3%)
Key Takeaway
Homes in Farmington have sold for 2.3% less than they did a year ago.
Summary: The median home sold price in Farmington was $319,050 in November 2024, down 2.3% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | $83.5K | -12.1% |
| 2 Bedrooms | $252.7K | $235K | -7.0% |
| 3 Bedrooms | $332K | $315K | -5.1% |
| 4 Bedrooms | $432K | $425K | -1.6% |
| 5+ Bedrooms | $365K | $465K | +27.4% |
Summary: Farmington housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12.1%, 2 bedroom homes decreased by 7%, 3 bedroom homes decreased by 5.1%, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes increased by 27.4%.
Median Sold Price Compared To Nearby Cities
| Livonia | $280K | $301K | +7.5% |
| Farmington Hills | $350K | $350.4K | 0.1% |
| Farmington | $326.5K | $319K | -2.3% |
Housing Supply in Farmington, MI
How many homes are available in Farmington, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 44 | 46 | +4.5% |
Summary: The Farmington real estate market had 46 homes for sale in November 2024, a 4.5% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 9 | +28.6% |
| 2 Bedrooms | 6 | 6 | 0.0% |
| 3 Bedrooms | 19 | 21 | +10.5% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Farmington housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 28.6%, 2 bedroom homes remained the same, 3 bedroom homes increased by 10.5%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 7 | 14 | +100.0% |
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, 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 in November 2024, up by 100.0% 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, MI
How long does it take to sell a home in Farmington, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 27 Days | 16 Days | -38.5% |
Summary: Homes in Farmington had an average of 16 days on market in Nov 2024, down by 38.5% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
1 Home Was 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 November 2024, 14 homes were sold in Farmington; 93% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
