Is Farmington, MI 48331 a buyer’s or seller’s market?

The Farmington housing market right now

In the three months ending August 31, 2026, 42% of homes in Farmington, MI 48331 sold above their list price, the typical home went under contract in 19 days and there were 1.9 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 83 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 52%, homes sold more slowly (17 days then) and the median sale price rose 9% to $475,294. Overall, Farmington is less competitive than a year ago, which gives buyers more room.

Within Oakland County, homes here sell faster than in 61% of the county’s ZIP codes, and sell more often over asking than in 69%. On our competition score, Farmington ranks #90 of 510 MI ZIP codes with enough sales (score 80 out of 100).

Nearby, buyers who want less competition could look at Oxford 48370 (0% sold over asking) or Southfield 48034 (16% sold over asking), while Huntington Woods 48070 (74% sold over asking) and Pleasant Ridge 48069 (54% sold over asking) are even more competitive.