Sat Jul 31 2021
This week the median list price for Farmington, MI is $359,900 with the market action index hovering around 81. This is less than last month's market action index of 83. Inventory has increased to 86.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$359,900|
|Median Price of New Listings||$348,000|
|Per Square Foot||$164|
|Average Days on Market||27|
|Median Days on Market||7|
|Strong Seller's Market|
Again this week we see a downward notch for prices. Prices continue to pull back from the market’s highs. The Market Action Index is a good leading indicator for the durability of this trend.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$550,000||3,526||0.5 - 1 acre||4||5||30||9||3||14|
|$395,000||2,418||0.25 - 0.5 acre||4||3||43||7||5||21|
|$334,900||2,028||0.25 - 0.5 acre||4||2||54||11||10||7|
|$254,950||1,422||0.25 - 0.5 acre||3||2||65||14||15||0|