Farmington Hills, MI—48331
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Farmington Hills, MI
As of Oct '25, the median home price in Farmington Hills, MI is $449,000, with a year-over-year change of 3.3%. This indicates that home prices in Farmington Hills, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $449,000 | 3.3% |
| Single Family | $467,000 | 2.9% |
| Condos | $356,000 | 3.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $288,000 | 3.2% |
3 Bed | $411,000 | 3.0% |
4 Bed | $485,000 | 2.8% |
| 5 Bed | $590,000 | 2.8% |
% of Housing Stock
Rental Trends — Farmington Hills, MI
As of July '25, Rentcast reports the average rent in Farmington Hills, MI is $2,300, with a year-over-year rent change of -10.5%. Per bedroom, the median rent as of July '25 in Farmington Hills, MI is 1-bedrooms: $1,380, 2-bedrooms: $2,000, 3-bedrooms: $2,300, 4-bedrooms: $3,650. The most common rental property sizes in Farmington Hills, MI are 2-bedroom and 1-bedroom, accounting for 61.6% and 27.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,200 | $2,300 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,420 | $1,380 |
| 2 Bed Rent | $1,900 | $2,000 |
| 3 Bed Rent | $2,300 | $2,300 |
| 4 Bed Rent | $3,500 | $3,650 |
% of Rental Stock
Property Listings — Farmington Hills, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Farmington Hills, MI is 31. This is a increase of 23.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $506,000 | 8.0% |
Listing Count | 70 | 12.0% |
| Listings as % of Homes | 0.3% | 12.0% |
Days on Market | 31 | 23.0% |
Demographics — Farmington Hills, MI
As of the latest ACS Survey released in 2023, Farmington Hills, MI has a population of 22,000, which has increased by 1.8% over the past 5 years. Farmington Hills, MI is a moderately popular place for families, as children make up 17.0% of the population. The area has a highly educated workforce, with 66.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 22,000 | 1.8% |
% Under 18 | 17.0% | -17.9% |
% Seniors | 23.3% | 13.7% |
% WFH | 21.1% | 330.6% |
% w/ College Degree | 66.7% | 2.6% |
As of the latest ACS Survey released in 2023, Farmington Hills, MI is a predominantly white area, with 64.8% of the population identifying as white. The white population has shrunk by 5.0% in the last 5 years. The second most common race or ethnicity in Farmington Hills, MI is black, making up 16.2% of the population. Foreign-born residents account for 22.9% of the population in Farmington Hills, MI, and this percentage has increased by 3.2% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 64.8% | -5.0% |
% Black | 16.2% | 1.2% |
% Hispanic | 2.4% | 26.3% |
% Asian | 12.4% | 5.1% |
% Foreign Born | 22.9% | 3.2% |
Mortgage and Risk — Farmington Hills, MI
According to HUD data as of 2023, there were 351 mortgage originations in Farmington Hills, MI, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 21.0% above 90% LTV (very high). This implies large mortgage risk in Farmington Hills, MI. Investor activity is low, as 1.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 351 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Farmington Hills, MI
As of 2024, the percent of homes in Farmington Hills, MI under the Section 8 program is 0.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Farmington Hills, MI, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 5 |
Total Units Section 8 | 5 |
% Rentals under Section 8 | 0.2% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $220 | $1,420 | $1,640 |
| 2 Bedroom | $170 | $1,900 | $2,070 |
| 3 Bedroom | $240 | $2,300 | $2,540 |
| 4 Bedroom | -$760 | $3,500 | $2,740 |
Affordability — Farmington Hills, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.3 |
| Median Home Price | $449,000 |
| Median Household Income | $121,000 |