Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Wed Jul 15 2020
This week the median list price for Farmington, MI is $349,900 with the market action index hovering around 38. This is an increase over last month's market action index of 36. Inventory has held steady at or around 171. 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

While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.

Farmington, MI

Wed Jul 15 2020
This week the median list price for Farmington, MI is $349,900 with the market action index hovering around 38. This is an increase over last month's market action index of 36. Inventory has held steady at or around 171. 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

While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.

Real-Time Market Profile

Never miss important changes in the Farmington market.
Median List Price $349,900
Per Square Foot $142
Days on Market 67
Price Decreased 20%
Price Increased 2%
Relisted 33%
Inventory 171
Median Rent $2,500
Most Expensive $1,899,000
Least Expensive $114,900
Market Action 38
Slight Seller's Advantage

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
$534,450 3,251 0.5 - 1 acre 4 3 24 10 1 99
$399,000 3,008 0.25 - 0.5 acre 4 3 39 7 4 51
$319,900 2,238 0.25 - 0.5 acre 4 2 47 9 4 43
$239,900 1,689 0.25 - 0.5 acre 3 2 59 8 8 74