Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Sat Nov 27 2021
This week the median list price for Farmington, MI is $345,900 with the market action index hovering around 76. This is less than last month's market action index of 78. Inventory has increased to 77. Click here to stay informed with the Farmington market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Farmington, MI

Sat Nov 27 2021
This week the median list price for Farmington, MI is $345,900 with the market action index hovering around 76. This is less than last month's market action index of 78. Inventory has increased to 77. Click here to stay informed with the Farmington market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Real-Time Market Profile

Never miss important changes in the Farmington market.
Median List Price $345,900
Median Price of New Listings $375,000
Per Square Foot $168
Average Days on Market 58
Median Days on Market 21
Price Decreased 23%
Price Increased 8%
Relisted 12%
Inventory 77
Median Rent $2,775
Market Action 76
Strong Seller's Market

The market seems to have paused around this plateau. The Market Action Index is a good leading indicator for the durability of this trend.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

Median Price Sq. Ft. Lot Size Beds Bath Age New Absorbed DOM
$779,000 3,300 0.5 - 1 acre 4 5.5 26 2 2 35
$400,000 2,180 0.25 - 0.5 acre 4 3.5 44 5 1 14
$299,000 1,680 0.25 - 0.5 acre 3 2 61 1 2 21
$184,950 1,190 0.25 - 0.5 acre 3 1.3 72 3 1 24