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Farmington Hills Housing Market Report 5-26-2022
Farmington, MI May 26 2022 This week the median list price for Farmington, MI is $429,900 with the market action index hovering around 7
This week the median list price for Farmington, MI is $429,900 with the market action index hovering around 79. This is less than last month's market action index of 80. Inventory has increased to 69.Market appears to have begun to cool.
As we’re still notably in a Seller’s market, prices have not yet adjusted. If the market continues to cool, then expect prices to follow lower. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect this condition if the index falls to the Buyer’s zone
Median List Price, Price trends continued their recent uptrend this week. While still below the market’s high point, we may be seeing the start of a good price stretch here. Segments Prices at the upper-half of the market have been in a downtrend while Quartile 3 has been trending up recently.
Find out what's happening in Farmington-Farmington Hillsfor free with the latest updates from Patch.
Unless we see a persistent up-shift in the Market Action Index, it will likely resume the trend of the rest of the market. Price Per Square Foot In a market where prices are rising some, price per square foot is essentially flat. This often implies that new homes coming on the market are pricier, and also larger than older homes. As a result the value one can buy stays the same.
Median Days on Market (DOM) The properties have been on the market for an average of 52 days. Half of the listings have come newly on the market in the past 18 or so days. Watch the 90-day DOM trend for signals of a changing market.
