Farmington Hills, MI 48331 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

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Farmington Hills, MI—48331

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$443,000

3.0% YoY Growth

Household Income

$121,000

10.2% YoY Growth

Days on Market

42

2.0% Shorter YoY

Home Price Forecast

1.7%

Median Rent

$2,200

10.5% YoY Growth

1-Bed Rent

$1,420

15.0% YoY Growth

2-Bed Rent

$1,900

4.7% YoY Growth

3-Bed Rent

$2,300

10.5% YoY Growth

Other Zip Codes in Farmington Hills, MI

Home Price Trends — Farmington Hills, MI

As of Nov '25, the median home price in Farmington Hills, MI is $443,000, with a year-over-year change of 3.0%. This indicates that home prices in Farmington Hills, MI are increasing. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$443,000	3.0%
Single Family	$461,000	2.4%
Condos	$352,000	3.8%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

0.2%

1 Bedroom

27.9%

2 Bedrooms

61.6%

3 Bedrooms

6.4%

4 Bedrooms

3.9%

Property Listings — Farmington Hills, MI

As of Nov '25, Realtor.com reports that the median days on market for a home in Farmington Hills, MI is 42. This is a decrease of -2.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 30.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$499,000	14.0%
Listing Count	67	13.0%
Listings as % of Homes	0.3%	13.0%
Days on Market	42	-2.0%

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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%

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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%

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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%

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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