Farmington Hills Mortgage | Market Update – February 2017
Is purchasing a home on your list of goals for the new year? If so, it is important for you to stay up to date on local housing news and trends as you begin, or continue, your search for the perfect home and financing. As a Farmington Hills mortgage professional, I take pride in not only maintaining but continually updating my knowledge on the industry and local markets. Throughout my 20 years of experience in the mortgage industry, I have come to appreciate the importance of this information and the influence it has over variables such as interest rates and programs.
At the end of 2016, there were 19,220 total sales for the year in Oakland County at an average price of $264,613. This average price is up less than 5% from the year before, which shows a great trend of stability in the market.
In December specifically, the average home sales price in Oakland County was recorded at $271,393. While this figure is slightly higher than the year average for home sale prices, elevated prices are typical during the slower winter season and should begin lowering again as we head into the new year.
If you haven’t begun the search for your dream home yet, now is the time!
According to a national real estate website, as of January of 2017, there are 215 homes actively listed for sale in Farmington and 247 in Farmington Hills. Of these homes in Farmington Hills, the median listing price is $260,000, while the median listing price for homes that have recently sold was only $210,000.
Whether you are looking to purchase a home this month or this year, it is important to get up to date and start your research now! Call me today for more information or to set up a free Farmington Hills mortgage consultation.