Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Wed Sep 22 2021
This week the median list price for Farmington, MI is $339,900 with the market action index hovering around 75. This is less than last month's market action index of 79. Inventory has decreased to 91. 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 off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.

Farmington, MI

Wed Sep 22 2021
This week the median list price for Farmington, MI is $339,900 with the market action index hovering around 75. This is less than last month's market action index of 79. Inventory has decreased to 91. 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 off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.

Real-Time Market Profile

Never miss important changes in the Farmington market.
Median List Price $339,900
Median Price of New Listings $314,900
Per Square Foot $174
Average Days on Market 41
Median Days on Market 21
Price Decreased 48%
Price Increased 5%
Relisted 11%
Inventory 91
Median Rent
Market Action 75
Strong Seller's Market

The market has been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.

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
$678,000 3,128 0.5 - 1 acre 4 5 26 4 4 42
$377,500 2,364 0.25 - 0.5 acre 4 3 53 8 9 14
$300,000 1,606 0.25 - 0.5 acre 3 2 56 6 5 21
$199,900 1,213 0.25 - 0.5 acre 3 1 71 9 8 21