Detroit Real Estate

 Here is what is happening with Farmington Hills real estate.  You can get get the information from the table below where it breaks down the information by price points.  Currently there are 372 Farmington Hills homes for sale that have been on the market an average of 156 days.  The lowest price of a a piece of Farmington Hills real estate was $16,000... which is hard to believe because a couple of years ago you couldn't even buy a piece of land in Farmington for $16,000. 

In the last 30 days 59 Farmington Hills homes have sold.  The average time on the market was 99 days

In November 85 Farmington Hills homes sold that had been on the market an average of 136 days.

In October 60 Farmington Hills homes sold that had been on the market an average of 105 days.

In September 75 Farmington Hills homes sold that had been on the market an average of 96 days.

So basically from September until now homes were selling between 3-4 months after being put on the market.  So this table basically tells me that on the average the current Farmington Hills home inventory has been on the market longer than average.  Could it be some of these Farmington Hills MI homes for sale are over priced for the condition they are in?  They have been on the market  too long.

Currently Farmington & Farmington Hills MI has about a 6 month housing inventory.  As a general rule, 5 to 6 months of inventory is considered to be a normal or balanced market. Over 6 months of inventory and we have buyer's market. Less than 5 months and we have a seller's market. The smaller the available inventory, the tighter the market is. Keep in mind that these are simply guidelines and will differ from market to market.

 If you have any questions about this Farmington Hills Real estate update feel free to give me a call or email me.

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