Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Wed Jul 17 2019
This week the median list price for Farmington, MI is $322,450 with the market action index hovering around 39. This is less than last month's market action index of 43. Inventory has held steady at or around 268. Click here to stay informed with the Farmington market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

Today
Last Month

Slight Seller's Advantage

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Farmington, MI

Wed Jul 17 2019
This week the median list price for Farmington, MI is $322,450 with the market action index hovering around 39. This is less than last month's market action index of 43. Inventory has held steady at or around 268. Click here to stay informed with the Farmington market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

Today
Last Month

Slight Seller's Advantage

The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Real-Time Market Profile

Never miss important changes in the Farmington market.
Median List Price $322,450
Per Square Foot $140
Days on Market 79
Price Decreased 43%
Price Increased 6%
Relisted 18%
Inventory 268
Median House Rent $1,849
Most Expensive $2,399,969
Least Expensive $70,000
Market Action Index
Slight Seller's Advantage
39

The market is hovering around this plateau. Look for a persistent change in the Market Action Index before we see prices deviate from these levels.

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
$514,900 3,371 0.5 - 1 acre 4 3 27 4 2 111
$350,000 2,684 0.25 - 0.5 acre 4 2 40 3 4 83
$290,000 2,101 0.25 - 0.5 acre 4 2 52 7 11 59
$189,900 1,275 0.25 - 0.5 acre 3 1 64 8 8 63