Farmington, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Farmington Neighborhoods Since 2000




Farmington, MI Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Farmington Housing Market Information

With 10,523 people, 4,671 houses or apartments, and a median cost of homes of $204,722, Farmington real estate is some of the most expensive in Michigan, although Farmington home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Farmington, accounting for 52.67% of the city's housing units. Other types of housing that are prevalent in Farmington include large apartment complexes or high rise apartments ( 36.30%), duplexes, homes converted to apartments or other small apartment buildings ( 6.26%), and a few row houses and other attached homes ( 4.26%).

People in Farmington primarily live in small (one, two or no bedroom) single-family detached homes. Farmington has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Farmington's housing was primarily built during this period, from the '40s through the '60s. A full 53.70% of the city's housing hails from this era. Other housing ages represented in Farmington include homes built between 1970-1999 ( 36.57%) and housing constructed before 1939 ( 7.21%). There's also some housing in Farmington built between 2000 and later ( 2.52%).

Farmington Home Appreciation Rates

Farmington's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Farmington during the period has been just -0.87%, which is lower than 70% of US communities.

Appreciation rates are so strong in Farmington that despite a nationwide downturn in the housing market, Farmington real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Farmington appreciation rates continue to be some of the highest in America, at 6.91%, which is higher than appreciation rates in 80.78% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Farmington. Farmington appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Farmington one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Farmington's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$204,722

Farmington, MI HOME PRICES

Value Range
> $1,303,000 0.2
$977,001 - $1,303,000 0.0
$651,001 - $977,000 0.6
$521,001 - $651,000 1.4
$391,001 - $521,000 4.3
$261,001 - $391,000 21.5
$130,001 - $261,000 51.3
$65,001 - $130,000 13.7
$0 - $65,000 7.0

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
31.1379350755889 14.7435897435897

Number Of Homes And Apartments:
4,671

Farmington Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
-0.64% -0.04% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,192 / per month

Homeownership Rate

Homeownership
Owners 58.32
Renters 41.68
Vacant 3.49

Housing Market Details

 

Age of Homes

AGE OF Farmington HOMES
2000 or Newer 2.5
1970 - 1999 36.6
1940 - 1969 53.7
1939 or Older 7.2

Types of Homes

TYPE OF Farmington HOMES
Single-Family 52.7
Townhomes 4.3
Small Apt. Buildings 6.3
Apt. Complexes 36.3
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Farmington HOMES
No Bedroom 0.39
1 Bedroom 21.16
2 Bedrooms 30.72
3 Bedrooms 30.87
4 Bedrooms 15.62
5 or more bedrooms 1.24