Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Tue Sep 28 2021
This week the median list price for Farmington, MI is $349,450 with the market action index hovering around 77. This is about the same as last month's market action index of 77. Inventory has decreased to 90. 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 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

Tue Sep 28 2021
This week the median list price for Farmington, MI is $349,450 with the market action index hovering around 77. This is about the same as last month's market action index of 77. Inventory has decreased to 90. 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 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 $349,450
Median Price of New Listings $340,000
Per Square Foot $168
Average Days on Market 40
Median Days on Market 21
Price Decreased 43%
Price Increased 4%
Relisted 8%
Inventory 90
Median Rent $1,525
Market Action 77
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
$797,500 3,305 0.5 - 1 acre 4 5 26 4 3 45
$387,500 2,398 0.25 - 0.5 acre 4 3 42 8 8 7
$310,000 1,875 0.25 - 0.5 acre 3 2 60 8 9 21
$209,900 1,320 0.25 - 0.5 acre 3 1 66 9 10 28