$380,000
5.25 Acres
Land
Frank Novak, Linda Hiller Novak, Listing Office: Max Broock, REALTORS®-Birmingham
Is Farmington Hills, 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 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
$350,481
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$481(+0.1%)
Key Takeaway
The sold price of homes in Farmington Hills has remained the same since last year.
Summary: The median home sold price in Farmington Hills was $350,481 in November 2024, up 0.1% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $107K | $119.2K | +11.4% |
| 2 Bedrooms | $231.5K | $225K | -2.8% |
| 3 Bedrooms | $325.3K | $340K | +4.5% |
| 4 Bedrooms | $425.1K | $460.3K | +8.3% |
| 5+ Bedrooms | $425K | $563.5K | +32.6% |
Summary: Farmington Hills housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.4%, 2 bedroom homes decreased by 2.8%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 32.6%.
Median Sold Price Compared To Nearby Cities
| Livonia | $280K | $301K | +7.5% |
| Southfield | $219.9K | $221.5K | +0.7% |
| Farmington Hills | $350K | $350.4K | 0.1% |
| Farmington | $326.5K | $319K | -2.3% |
Housing Supply in Farmington Hills, MI
How many homes are available in Farmington Hills, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 238 | 218 | -8.4% |
Summary: The Farmington Hills real estate market had 218 homes for sale in November 2024, a 8.4% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 16 | 13 | -18.8% |
| 2 Bedrooms | 45 | 43 | -4.4% |
| 3 Bedrooms | 77 | 73 | -5.2% |
| 4 Bedrooms | 89 | 80 | -10.1% |
| 5+ Bedrooms | 11 | 9 | -18.2% |
Summary: The Farmington Hills housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 18.8%, 2 bedroom homes decreased by 4.4%, 3 bedroom homes decreased by 5.2%, 4 bedroom homes decreased by 10.1%, and 5+ bedroom homes decreased by 18.2%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 74 | 75 | +1.4% |
Asking Price vs. Sold Price
37 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
29 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. 49.3% of homes here sold below asking price last month.
Summary: A total of 75 homes were sold or pending in Farmington Hills in November 2024, up by 1.4% month-over-month. Of the 75 sold homes, 49% were sold under asking, 12% were sold at asking, and 39% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 25 Days | 22 Days | -12.7% |
Summary: Homes in Farmington Hills had an average of 22 days on market in Nov 2024, down by 12.7% compared to last year.
Breakdown of Home Sale Times
57 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
2 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 November 2024, 75 homes were sold in Farmington Hills; 76% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.