Farmington, MI Home Values & Market Trends
Real estate market trends reflect that there have been 193 transactions over the past year in Farmington. The median value for residential home transactions that occurred over the previous year is $307,972.11. The number of current listings in Farmington is 11, and the percentage of properties for sale in the city is 11.00%. Farmington, MI currently has 3 properties in foreclosure, 0 bank owned properties, 3 properties headed for auction, and 11 properties for sale.
Farmington, MI Real Estate Market Overview
Housing Market Summary for Farmington, MI
| Apr 2023 | March 2024 | Change | |
|---|---|---|---|
| Median Listing Price | $299.9K | $284K | -5.32% |
| Median Sold Price | $305.6K | $284K | -7.09% |
| Homes For Sale | 9 | 10 | 11.11% |
| Homes Sold | 96 | 140 | 45.83% |
Price Per Square Foot
On an average, Single Family homes cost $33 more per sqft than Condos. In comparison with sales price/sqft last week, list price/sqft of Single Family homes increased by 1.93% whereas, list price/sqft of Condos increased by 9.38%.
Recently Sold Homes
Explore recent offers and recently sold homes in Farmington, MI
Browse Homes in Farmington, MI
Farmington home values range from $35,993 to $2,400,641. The median estimated value of a home in Farmington is $307,972.11. The median list price of a home is 240,000, and the total count of properties in the city is 3,907.
- Pre-ForeclosurePre-foreclosure homes account for 0% of all residential properties in Farmington, MI with $[pre-foreclosures-highest-count-region] containing 0 pre-foreclosures, the highest number of pre-foreclosure properties in a single zip. There are 4 zips within Farmington, MI; of those zips, the estimated home value for pre-foreclosure homes ranges from $0 in N/A to the lowest home value of $0 in $[pre-foreclosures-lowest-avm-region].
- Bank OwnedThe median estimated home value of bank owned homes (REO properties) in Farmington, MI ranges from the highest value of $0 in N/A to the lowest value of $0 in N/A. Bank owned homes and properties account for 0% of properties in Farmington, MI. There are 4 zips within Farmington, MI; N/A containing 0 REO properties, has the highest number of bank owned properties in a single zip.
- Auctions48331 has 5 auction properties, the highest number of properties going to auction in a single zip in the state of Farmington, MI. Auction homes and other auction properties account for 0.08% of all properties in Farmington, MI. There are 4 zips within Farmington, MI; of those zips, the median estimated home value for homes going to auction ranges from $554,829 in 48331 to the lowest value of $136,286 in 48331.
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Guide for Farmington, MI
Explore the nuances of Michigan’s 2023 real estate market, where rising property values meet shifting sold prices and distressed properties offer investment opportunities amidst a stable yet competitive landscape.
Lansing’s real estate market has seen substantial growth in home values and sales prices from April 2023 to March 2024, positioning the city as an attractive investment prospect.
The 2023 Detroit real estate market trend showed steady average listing values and an increase in property sales, with neighboring cities displaying more fluctuation but higher property values. This reflects the city’s resilience amidst an unpredictable industry landscape.
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