Is the Timing Right to Buy or Sell Your Home? - Housing Market Reports

Farmington, MI

Single-Family Homes

Realtor Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Wed Jul 06 2022
This week the median list price for Farmington, MI is $419,949 with the market action index hovering around 70. This is less than last month's market action index of 75. Inventory has increased to 114. 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

Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.

Farmington, MI

Wed Jul 06 2022
This week the median list price for Farmington, MI is $419,949 with the market action index hovering around 70. This is less than last month's market action index of 75. Inventory has increased to 114. 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

Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.

Real-Time Market Profile

Never miss important changes in the Farmington market.
Median List Price $419,949
Median Price of New Listings $369,900
Per Square Foot $178
Average Days on Market 44
Median Days on Market 14
Price Decreased 27%
Price Increased 3%
Relisted 14%
Inventory 114
Median Rent
Market Action 70
Strong Seller's Market

This week saw relatively little price change from last week. However, prices continue to demonstrate a nice up trend over the last several weeks.

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
$579,500 2,961 0.25 - 0.5 acre 4 4 28 6 5 42
$469,500 2,592 0.25 - 0.5 acre 4 3.5 35 11 9 10
$369,900 2,191 0.25 - 0.5 acre 3 3.5 54 7 13 14
$219,900 1,215 8,000 - 10,000 sqft 3 1.5 64 13 15 7