Farwell, MI 48622 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Farwell, MI—48622

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$193,000

2.1% YoY Growth

Household Income

$57,500

23.1% YoY Growth

Days on Market

1.0% Shorter YoY

Home Price Forecast

N/A

Median Rent

$525

N/A

1-Bed Rent

$525

N/A

2-Bed Rent

N/A

3-Bed Rent

N/A

Home Price Trends — Farwell, MI

Farwell, MI lacks sufficient home price data for analysis.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$193,000	2.1%
Single Family	$193,000	3.2%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed	N/A	N/A

Rental Trends — Farwell, MI

Farwell, MI lacks sufficient rental market data for analysis.

Type	Median Rent	Average Rent
Average Rent	$525	$525
Studio Rent	N/A	N/A
1 Bed Rent	$525	$525
2 Bed Rent	N/A	N/A
3 Bed Rent	N/A	N/A
4 Bed Rent	N/A	N/A

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% of Rental Stock

1 Bedroom

28.5%

2 Bedrooms

27.7%

3 Bedrooms

36.9%

4 Bedrooms

2.7%

5+ Bedrooms

4.2%

Property Listings — Farwell, MI

As of Dec '25, Realtor.com reports that the median days on market for a home in Farwell, MI is 79. This is a increase of 5.0% 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 12.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$251,000	4.0%
Listing Count	29	-5.0%
Listings as % of Homes	0.6%	-5.0%
Days on Market	96	-1.0%

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Demographics — Farwell, MI

As of the latest ACS Survey released in 2023, Farwell, MI has a population of 5,970, which has decreased by -4.7% over the past 5 years. Farwell, MI is a moderately popular place for families, as children make up 18.3% of the population. The area has a poorly educated workforce, with 18.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.7% reporting working from home.

Metric	Latest Census	YoY % Change
Population	5,970	-4.7%
% Under 18	18.3%	-4.2%
% Seniors	26.4%	17.3%
% WFH	6.7%	76.3%
% w/ College Degree	18.2%	32.8%

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As of the latest ACS Survey released in 2023, Farwell, MI is a predominantly white area, with 90.6% of the population identifying as white. The white population has shrunk by 6.2% in the last 5 years. The second most common race or ethnicity in Farwell, MI is hispanic, making up 3.0% of the population. Foreign-born residents account for 0.4% of the population in Farwell, MI, and this percentage has decreased by 50.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	90.6%	-6.2%
% Black	1.3%	44.4%
% Hispanic	3.0%	130.8%
% Asian	0.9%	800.0%
% Foreign Born	0.4%	-50.0%

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Mortgage and Risk — Farwell, MI

According to HUD data as of 2023, there were 159 mortgage originations in Farwell, MI, of which 81.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 23.0% above 90% LTV (very high). This implies large mortgage risk in Farwell, MI. Investor activity is low, as 0.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	159
% Conventional Loans	81.0%
% Government Loans	19.0%
% Investor Loans	0.0%
% Second Loans	17.0%
% Cash Out Refinance	13.0%

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Rentals and Section 8 — Farwell, MI

Farwell, MI lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	6
Total Units Section 8	6
% Rentals under Section 8	N/A
% Occupied Section 8	N/A

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$275	$525	$800
2 Bedroom	N/A	N/A	$1,030
3 Bedroom	N/A	N/A	$1,290
4 Bedroom	N/A	N/A	$1,680

Farwell, MI—48622

Key Metrics at a Glance

Home Price Trends — Farwell, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Farwell, MI

% of Rental Stock

Property Listings — Farwell, MI

Demographics — Farwell, MI

Race and Ethnicity

Mortgage and Risk — Farwell, MI

Mortgages

Rentals and Section 8 — Farwell, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Farwell, MI

Home Price to Income Ratio

Farwell, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Lake, MI

Rosebush, MI

Clare, MI

Weidman, MI

Mount Pleasant, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3
Median Home Price	$193,000
Median Household Income	$57,500

Farwell, MI—48622

Key Metrics at a Glance

Home Price Trends — Farwell, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Farwell, MI

% of Rental Stock

Property Listings — Farwell, MI

Demographics — Farwell, MI

Race and Ethnicity

Mortgage and Risk — Farwell, MI

Mortgages

Rentals and Section 8 — Farwell, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Farwell, MI

Home Price to Income Ratio

Farwell, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Lake, MI

Rosebush, MI

Clare, MI

Weidman, MI

Mount Pleasant, MI

Frequently Asked Questions

What is the average home price in Farwell, MI 48622?

How have home prices in Farwell, MI 48622 changed over the past year?

What is the home price projection for Farwell, MI 48622?

What are the demographics of Farwell, MI 48622?

How long does it take homes to sell in Farwell, MI 48622?

What is the average rent price in Farwell, MI 48622?