Farmington Hills, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Farmington Hills, MI Housing Market Trends

With 80,612 people, 33,972 houses or apartments, and a median cost of homes of $310,154, Farmington Hills real estate is some of the most expensive in Michigan, although Farmington Hills home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Farmington Hills, accounting for 57.36% of the city's housing units. Other types of housing that are prevalent in Farmington Hills include large apartment complexes or high rise apartments ( 29.20%), row houses and other attached homes ( 6.80%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.46%).

The most prevalent building size and type in Farmington Hills are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.03% owning and 37.97% renting.

There is a lot of housing in Farmington Hills built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Farmington Hills built between 1940-1969 ( 31.01%). A lesser amount of the housing stock also hails from between 2000 and later ( 4.10%). There's also some housing in Farmington Hills built before 1939 ( 2.46%).

Farmington Hills Home Appreciation Rates

In the last 10 years, Farmington Hills has experienced some of the highest home appreciation rates of any community in the nation. Farmington Hills real estate appreciated 79.22% over the last ten years, which is an average annual home appreciation rate of 6.01%, putting Farmington Hills in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Farmington Hills definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Farmington Hills appreciation rates have trailed the rest of the nation. In the last twelve months, Farmington Hills's appreciation rate has been 7.84%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Farmington Hills were at 2.90%, which equates to an annual appreciation rate of 12.13%.

Relative to Michigan, our data show that Farmington Hills's latest annual appreciation rate is lower than 80% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Farmington Hills differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Farmington Hills - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Farmington Hills real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$310,154

Farmington Hills, MI HOME PRICES

> $1,219,000
0.6%
0.6%
$914,001 - $1,219,000
0.6%
0.6%
$609,001 - $914,000
2.5%
2.5%
$488,001 - $609,000
5.4%
5.4%
$366,001 - $488,000
24.8%
24.8%
$244,001 - $366,000
34.3%
34.3%
$122,001 - $244,000
22.3%
22.3%
$61,001 - $122,000
7.8%
7.8%
$0 - $61,000
1.8%
1.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
33,972

Farmington Hills Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
20.44% 0.87%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,773 / per month

Homeownership Rate

Owners
62.0%
62.0%
Renters
38.0%
38.0%
Vacant
5.5%
5.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.1%
4.1%
1970 - 1999
62.4%
62.4%
1940 - 1969
31.0%
31.0%
1939 or Older
2.5%
2.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
57.4%
57.4%
Townhomes
6.8%
6.8%
Small Apt. Buildings
5.5%
5.5%
Apt. Complexes
29.2%
29.2%
Mobile Homes
1.2%
1.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
13.6%
13.6%
2 Bedrooms
27.6%
27.6%
3 Bedrooms
27.9%
27.9%
4 Bedrooms
25.1%
25.1%
5 or more bedrooms
3.7%
3.7%
0.0% 100.0%
% OF HOMES