$2,255 Closing Credit*
$189,900
2,998 SqFt
4 Beds
•3 Full Baths
Drew Pursley, Listing Office: Gateway Brokerage
Is Farwell, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Farwell was a Buyer's Market.
Key Takeaway
Farwell is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Farwell, MI
How much do homes in Farwell, MI cost?
Median Sold Price
$195,000
$119/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$36,000(+22.6%)
Key Takeaway
Homes in Farwell have sold for 22.6% more than they did a year ago.
Summary: The median home sold price in Farwell was $195,000 in November 2024, up 22.6% from last year, and the median price per square foot was $119.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $29K | $92.8K | +220.3% |
| 2 Bedrooms | $140.2K | $133K | -5.2% |
| 3 Bedrooms | $158K | $189.9K | +20.2% |
| 4 Bedrooms | $207K | $250K | +20.8% |
| 5+ Bedrooms | $400K | $252.5K | -36.9% |
Summary: Farwell housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 220.3%, 2 bedroom homes decreased by 5.2%, 3 bedroom homes increased by 20.2%, 4 bedroom homes increased by 20.8%, and 5+ bedroom homes decreased by 36.9%.
Housing Supply in Farwell, MI
How many homes are available in Farwell, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 49 | 43 | -12.2% |
Summary: The Farwell real estate market had 43 homes for sale in November 2024, a 12.2% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 31 | 26 | -16.1% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Farwell housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 16.1%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 11 | 9 | -18.2% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farwell, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Farwell in November 2024, down by 18.2% month-over-month. Of the 9 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.
Days on Market for Farwell, MI
How long does it take to sell a home in Farwell, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 135 Days | 83 Days | -37.9% |
Summary: Homes in Farwell had an average of 83 days on market in Nov 2024, down by 37.9% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Farwell are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 9 homes were sold in Farwell; 22% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 44% 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. 
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