Mon Oct 03 2022
This week the median list price for Farmington, MI is $399,000 with the market action index hovering around 55. This is less than last month's market action index of 56. Inventory has decreased to 99.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$399,000|
|Median Price of New Listings||$345,000|
|Per Square Foot||$183|
|Average Days on Market||79|
|Median Days on Market||49|
|Strong Seller's Market|
The market is hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$649,000||3,000||0.5 - 1 acre||4||4.5||23||0||5||87|
|$445,000||2,708||0.25 - 0.5 acre||4||3.5||47||3||7||42|
|$340,000||1,912||0.25 - 0.5 acre||4||2.5||57||6||5||28|
|$235,000||1,201||0.25 - 0.5 acre||3||1.5||68||4||7||56|