Is the Timing Right to Buy or Sell Your Home? - Housing Market Reports

Farmington, MI

Single-Family Homes

Realtor Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

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. 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 been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, 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

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. 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 been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, 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 $399,000
Median Price of New Listings $345,000
Per Square Foot $183
Average Days on Market 79
Median Days on Market 49
Price Decreased 52%
Price Increased 3%
Relisted 27%
Inventory 99
Median Rent
Market Action 55
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.

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
$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