Mon May 17 2021
This week the median list price for Farmington, MI is $367,500 with the market action index hovering around 87. This is an increase over last month's market action index of 86. Inventory has increased to 43.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$367,500|
|Median Price of New Listings||$349,950|
|Per Square Foot||$173|
|Average Days on Market||31|
|Median Days on Market||7|
|Strong Seller's Market|
The market seems to have paused around this plateau. 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|
|$853,800||3,402||0.5 - 1 acre||4||5||20||1||4||49|
|$443,900||2,806||0.25 - 0.5 acre||4||3||45||5||7||7|
|$344,900||2,057||0.25 - 0.5 acre||3||3||61||6||9||7|
|$200,000||1,400||0.25 - 0.5 acre||3||2||69||8||12||0|