Farmington, MI—48335
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Farmington, MI
As of Oct '25, the median home price in Farmington, MI is $413,000, with a year-over-year change of 3.2%. This indicates that home prices in Farmington, 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 | $413,000 | 3.3% |
| Single Family | $445,000 | 3.5% |
| Condos | $328,000 | 2.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $302,000 | 2.0% |
3 Bed | $375,000 | 2.7% |
4 Bed | $481,000 | 3.2% |
| 5 Bed | $534,000 | 3.3% |
% of Housing Stock
Rental Trends — Farmington, MI
As of July '25, Rentcast reports the average rent in Farmington, MI is $1,580, with a year-over-year rent change of -33.1%. Per bedroom, the median rent as of July '25 in Farmington, MI is 1-bedrooms: $1,160, 2-bedrooms: $1,600, 3-bedrooms: $2,400, 4-bedrooms: $3,050. The most common rental property sizes in Farmington, MI are 2-bedroom and 1-bedroom, accounting for 54.1% and 36.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,580 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,150 | $1,160 |
| 2 Bed Rent | $1,450 | $1,600 |
| 3 Bed Rent | $2,400 | $2,400 |
| 4 Bed Rent | $3,000 | $3,050 |
% of Rental Stock
Property Listings — Farmington, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Farmington, MI is 28. This is a increase of 15.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $414,000 | 6.0% |
Listing Count | 37 | -4.0% |
| Listings as % of Homes | 0.1% | -4.0% |
Days on Market | 28 | 15.0% |
Demographics — Farmington, MI
As of the latest ACS Survey released in 2023, Farmington, MI has a population of 24,300, which has increased by 4.9% over the past 5 years. Farmington, MI is a moderately popular place for families, as children make up 16.4% of the population. The area has a highly educated workforce, with 65.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 23.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,300 | 4.9% |
% Under 18 | 16.4% | 4.5% |
% Seniors | 17.4% | -1.1% |
% WFH | 23.3% | 395.7% |
% w/ College Degree | 65.4% | 11.0% |
As of the latest ACS Survey released in 2023, Farmington, MI is a predominantly white area, with 45.4% of the population identifying as white. The white population has shrunk by 10.8% in the last 5 years. The second most common race or ethnicity in Farmington, MI is asian, making up 30.5% of the population. Foreign-born residents account for 30.8% of the population in Farmington, MI, and this percentage has increased by 1.0% 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 | 45.4% | -10.8% |
% Black | 16.1% | 7.3% |
% Hispanic | 2.8% | -15.2% |
% Asian | 30.5% | 16.4% |
% Foreign Born | 30.8% | 1.0% |
Mortgage and Risk — Farmington, MI
According to HUD data as of 2023, there were 206 mortgage originations in Farmington, MI, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Farmington, MI. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 206 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Farmington, MI
As of 2024, the percent of homes in Farmington, MI under the Section 8 program is 2.1%. 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 units appear to be good home sizes to consider for Section 8 housing in Farmington, MI, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 137 |
Total Units Section 8 | 137 |
% Rentals under Section 8 | 2.1% |
% Occupied Section 8 | 95.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $300 | $1,150 | $1,450 |
| 2 Bedroom | $380 | $1,450 | $1,830 |
| 3 Bedroom | -$160 | $2,400 | $2,240 |
| 4 Bedroom | -$570 | $3,000 | $2,430 |
Affordability — Farmington, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.8 |
| Median Home Price | $413,000 |
| Median Household Income | $96,400 |