Fri Apr 23 2021
This week the median list price for Farmington, MI is $429,900 with the market action index hovering around 85. This is an increase over last month's market action index of 78. Inventory has held steady at or around 41.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$429,900|
|Per Square Foot||$172|
|Days on Market||14|
|Strong Seller's Market|
Prices are climbing and we’re nearing the market’s all time high. A persistent drop of the Market Action Index into the Buyer’s zone will be a leading indicator of the price strength subsiding.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$814,350||3,500||0.5 - 1 acre||4||4||0||1||0||108|
|$487,400||3,076||0.25 - 0.5 acre||4||3||38||4||1||14|
|$374,500||2,033||0.25 - 0.5 acre||4||3||51||8||7||0|
|$249,900||1,506||0.25 - 0.5 acre||3||2||73||7||7||0|