Is Farmington, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Farmington was a Seller's Market.
Housing Prices in Farmington, NY
How much do homes in Farmington, NY cost?
Median Sold Price
$288,500
$176/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Farmington was $288,500 in May 2024, down 9.8% from last year, and the median price per square foot was $176.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $292.5K | $193.9K | -33.7% |
3 Bedrooms | $257.2K | $266K | +3.4% |
4 Bedrooms | $351.1K | $375K | +6.8% |
5+ Bedrooms | $357.5K | $345K | -3.5% |
Summary: Farmington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 33.7%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes decreased by 3.5%.
Housing Supply in Farmington, NY
How many homes are available in Farmington, NY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
24 | 36 | +50.0% |
Summary: The Farmington real estate market had 36 homes for sale in May 2024, a 50.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 2 | 5 | +150.0% |
3 Bedrooms | 13 | 20 | +53.8% |
4 Bedrooms | 8 | 8 | 0.0% |
5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Farmington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 150%, 3 bedroom homes increased by 53.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
7 | 4 | -42.9% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 4 homes were sold or pending in Farmington in May 2024, down by 42.9% month-over-month. Of the 4 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Farmington, NY
How long does it take to sell a home in Farmington, NY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
41 Days | 6 Days | -84.8% |
Summary: Homes in Farmington had an average of 6 days on market in May 2024, down by 84.8% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 4 homes were sold in Farmington; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.