Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Sat May 30 2020
This week the median list price for Farmington, MI is $312,949 with the market action index hovering around 39. This is an increase over last month's market action index of 37. Inventory has held steady at or around 126. 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.

Slight Seller's Advantage

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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 May 30 2020
This week the median list price for Farmington, MI is $312,949 with the market action index hovering around 39. This is an increase over last month's market action index of 37. Inventory has held steady at or around 126. 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.

Slight Seller's Advantage

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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 $312,949
Per Square Foot $141
Days on Market 87
Price Decreased 27%
Price Increased 2%
Relisted 63%
Inventory 126
Median Rent $2,182
Most Expensive $1,290,000
Least Expensive $89,900
Market Action 39
Slight Seller's Advantage

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
$533,900 3,304 0.5 - 1 acre 4 3 27 4 4 133
$365,000 2,601 0.25 - 0.5 acre 4 2 42 4 12 53
$276,950 2,045 0.25 - 0.5 acre 4 2 55 7 5 75
$189,250 1,358 0.25 - 0.5 acre 3 1 65 6 5 84