How Much are Homes in Farmington Hills Michigan? – The housing market in Farmington Hills is hot right now in the middle of the first quarter of 2020. Buyers and sellers are seeing quite a balanced market, but it leans slightly towards a seller’s market rather than a buyer’s market. Home prices have increased by 3.1% over January 2019 or a total of about $8062 since last year at this time. The median list price is currently $265,000 with a general home value index of about $280,000. The median sale price was about $225,000 or approximately $138 per square foot, a 14% increase since last year at this time.
The general market is considered very competitive right now. Homes are typically receiving 1.2 offers and homes are selling within about 30 days. Hot homes or those featuring a desirable price point and style are going pending in about 11 days. The median days on the market for Farmington Hills has gone up since last month but slightly down since last year at this time.
Two bedroom and five-bedroom homes have seen the largest increase. Two-bedroom homes jumped 9.4% since last year and five-bedroom homes jumped 11.8% over January 2020.
How schools affect home values
Schools around some of the more popular and higher-rated schools are selling between 1% and 3% higher than other homes. The top-rated schools include the Longacre Elementary School, the Warner Upper Elementary school, and both the Farmington and North Farmington High School.
Farmington Hills is served by several school districts such as the Farmington, Walled Lake, and Clarenceville. In addition to the elementary schools, middle schools and high schools, also included are the K-8 Farmington STEAM Academy and several early childhood centers.
Farmington Public School Schools | 32500 Shiawassee St. | Farmington, MI 48336 Phone: (248) 489-3349
Walled Lake Consolidated Schools | 850 Ladd Road Building | Walled Lake, MI 48390 Phone: (248) 956-2000
Clarenceville School District | 20210 Middlebelt Road | Livonia, MI 48152 Phone: (248) 919-0400
What’s on the Market?
There were about 299 homes for sale in December 2019. In January there were 269 homes, a decrease of 10%. This drop in inventory naturally bumps up the competitiveness between buyers since inventory is lacking. While the sellers shouldn’t expect a huge increase in their homes value or mass competition, homeowners can expect a decent return on investments, especially if they have improved the house and can compete with newer homes in developing subdivisions.
Three-bedroom and four-bedroom homes take up the majority of the inventory, however, because one and two-bedroom homes are more unusual, pricing these homes correctly from the beginning mean that they will likely sell faster.
What should buyers and sellers do?
As we head into spring, more inventory will saturate the market, which is great news for buyers, but sellers may find themselves stuck on the market a little longer than they’d like. Listing your house now may heed a greater chance of selling for a higher price than waiting 2 to 3 months.
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