The Current Farmington Hills Michigan Housing Market 5-13-22

Here’s what’s happening in the Farmington Hills real estate market this week

My reports use real-time market data to give you actionable insights into what’s happening in the market right now and how market conditions are changing every week.

With all my sellers, I want them to know how the market is behaving while their house is listed or they’re preparing to list, so please take a moment to review this week’s report.

One key indicator to watch is the “Market Action Index” (MAI) – this shows if the market is heating up or cooling down. If the MAI is above 30, we’re looking at a seller’s market; if it falls below 30, this means there’s more seller competition and fewer buyers.

A few questions these reports can help you answer:
Is now a good time to buy or sell? Check the “Market Action Index” to see if the market is heating up or cooling down.

How’s the market in my price range? Click into the “Market Segments” charts to see the how the market is behaving in different price ranges.

What can I get in my price range, and where should I look? Use the “Median List Price” charts to see what you can buy in your price range, and search by zip code to compare different neighborhoods.

Farmington Hills, MI

Fri May 13 2022This week the median list price for Farmington Hills, MI is $368,000 with the market action index hovering around 79. This is less than last month's market action index of 83. Inventory has increased to 62.
The market has started cooling and prices have been flat for several weeks. Since 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.

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