$4,156 Closing Credit*
$350,000
1,245 SqFt
3 Beds
•2 Full Baths, 1 Partial
Jeries N Nahhas, Listing Office: Anthony Djon Luxury Real Estate
Is Farmington Hills, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$351,166
$185/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$1,166(+0.3%)
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 $351,166 in October 2024, up 0.3% from last year, and the median price per square foot was $185.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $102.5K | $116K | +13.2% |
| 2 Bedrooms | $230K | $233.5K | +1.5% |
| 3 Bedrooms | $325K | $336K | +3.4% |
| 4 Bedrooms | $428K | $455K | +6.3% |
| 5+ Bedrooms | $417K | $563.5K | +35.1% |
Summary: Farmington Hills housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.2%, 2 bedroom homes increased by 1.5%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 35.1%.
Median Sold Price Compared To Nearby Cities
| Livonia | $275.9K | $300K | +8.7% |
| Southfield | $218.9K | $225.6K | +3.1% |
| Farmington Hills | $350K | $351.1K | 0.3% |
| Farmington | $309K | $300K | -2.9% |
Housing Supply in Farmington Hills, MI
How many homes are available in Farmington Hills, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 231 | 244 | +5.6% |
Summary: The Farmington Hills real estate market had 244 homes for sale in October 2024, a 5.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 12 | +9.1% |
| 2 Bedrooms | 51 | 47 | -7.8% |
| 3 Bedrooms | 72 | 82 | +13.9% |
| 4 Bedrooms | 86 | 89 | +3.5% |
| 5+ Bedrooms | 11 | 14 | +27.3% |
Summary: The Farmington Hills housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.1%, 2 bedroom homes decreased by 7.8%, 3 bedroom homes increased by 13.9%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes increased by 27.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 52 | 67 | +28.8% |
Asking Price vs. Sold Price
30 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
22 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. 44.8% of homes here sold below asking price last month.
Summary: A total of 67 homes were sold or pending in Farmington Hills in October 2024, up by 28.8% month-over-month. Of the 67 sold homes, 45% were sold under asking, 22% were sold at asking, and 33% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 15 Days | 21 Days | +35.5% |
Summary: Homes in Farmington Hills had an average of 21 days on market in Oct 2024, up by 35.5% compared to last year.
Breakdown of Home Sale Times
51 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Farmington Hills are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 67 homes were sold in Farmington Hills; 76% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 1% 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.