Farmington, MI 48335 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Farmington, MI—48335

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$409,000

3.2% YoY Growth

Household Income

$96,400

24.8% YoY Growth

Days on Market

19.0% Shorter YoY

Home Price Forecast

1.9%

Median Rent

$1,300

33.1% YoY Growth

1-Bed Rent

$1,150

18.3% YoY Growth

2-Bed Rent

$1,450

29.2% YoY Growth

3-Bed Rent

$2,400

15.8% YoY Growth

Home Price Trends — Farmington, MI

As of Nov '25, the median home price in Farmington, MI is $409,000, 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 1.9%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$409,000	3.2%
Single Family	$439,000	3.1%
Condos	$325,000	1.9%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

5.6%

1 Bedroom

36.0%

2 Bedrooms

54.1%

3 Bedrooms

3.4%

4 Bedrooms

0.8%

Property Listings — Farmington, MI

As of Nov '25, Realtor.com reports that the median days on market for a home in Farmington, MI is 29. This is a decrease of -19.0% 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 39.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$441,000	8.0%
Listing Count	31	-11.0%
Listings as % of Homes	0.1%	-11.0%
Days on Market	29	-19.0%

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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%

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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%

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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%

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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

Farmington, MI—48335

Key Metrics at a Glance

Home Price Trends — Farmington, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Farmington, MI

% of Rental Stock

Property Listings — Farmington, MI

Demographics — Farmington, MI

Race and Ethnicity

Mortgage and Risk — Farmington, MI

Mortgages

Rentals and Section 8 — Farmington, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Farmington, MI

Home Price to Income Ratio

Farmington, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Farmington Hills, MI

Livonia, MI

Farmington Hills, MI

Novi, MI

Farmington Hills, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.8
Median Home Price	$409,000
Median Household Income	$96,400

Farmington, MI—48335

Key Metrics at a Glance

Home Price Trends — Farmington, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Farmington, MI

% of Rental Stock

Property Listings — Farmington, MI

Demographics — Farmington, MI

Race and Ethnicity

Mortgage and Risk — Farmington, MI

Mortgages

Rentals and Section 8 — Farmington, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Farmington, MI

Home Price to Income Ratio

Farmington, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Farmington Hills, MI

Livonia, MI

Farmington Hills, MI

Novi, MI

Farmington Hills, MI

Frequently Asked Questions

What is the average home price in Farmington, MI 48335?

How have home prices in Farmington, MI 48335 changed over the past year?

What is the home price projection for Farmington, MI 48335?

What are the demographics of Farmington, MI 48335?

How long does it take homes to sell in Farmington, MI 48335?

What is the average rent price in Farmington, MI 48335?