Is the Timing Right to Buy or Sell? Market Update

Farmington, MI

Single-Family Homes

Tom Gilliam | tom@homes2moveyou.com



Farmington, MI

Tue Oct 15 2019
This week the median list price for Farmington, MI is $338,000 with the market action index hovering around 33. This is an increase over last month's market action index of 30. Inventory has held steady at or around 259. 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.

Slight Seller's Advantage

While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.

Farmington, MI

Tue Oct 15 2019
This week the median list price for Farmington, MI is $338,000 with the market action index hovering around 33. This is an increase over last month's market action index of 30. Inventory has held steady at or around 259. 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.

Slight Seller's Advantage

While the Market Action Index shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the MAI.

Real-Time Market Profile

Never miss important changes in the Farmington market.
Median List Price $338,000
Per Square Foot $139
Days on Market 118
Price Decreased 39%
Price Increased 15%
Relisted 25%
Inventory 259
Median House Rent $1,900
Most Expensive $2,399,970
Least Expensive $79,000
Market Action Index
Slight Seller's Advantage
33

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
$505,450 3,371 0.25 - 0.5 acre 4 3 27 5 12 157
$369,000 2,749 0.25 - 0.5 acre 4 2 36 1 12 136
$300,000 2,260 0.25 - 0.5 acre 4 2 51 14 24 106
$215,000 1,544 0.25 - 0.5 acre 3 2 62 19 37 71