Is Farmington, CT a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Farmington has remained a Seller's Market.
Key Takeaway
Farmington is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Farmington, CT
How much do homes in Farmington, CT cost?
Median Sold Price
$402,500
$207/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Farmington have sold for 8.8% more than they did a year ago.
Summary: The median home sold price in Farmington was $402,500 in May 2024, up 8.8% from last year, and the median price per square foot was $207.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130K | $177.5K | +36.5% |
| 2 Bedrooms | $245K | $277.2K | +13.2% |
| 3 Bedrooms | $373K | $412.5K | +10.6% |
| 4 Bedrooms | $595K | $570K | -4.2% |
| 5+ Bedrooms | $817.5K | $1.2M | +47.4% |
Summary: Farmington housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 36.5%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 10.6%, 4 bedroom homes decreased by 4.2%, and 5+ bedroom homes increased by 47.4%.
Median Sold Price Compared To Nearby Cities
| New Britain | $241.5K | $275K | +13.9% |
| Plainville | $252K | $279K | +10.7% |
| Farmington | $370K | $402.5K | +8.8% |
| Avon | $450.6K | $482.5K | +7.1% |
| Unionville | $373K | $387.5K | +3.9% |
Housing Supply in Farmington, CT
How many homes are available in Farmington, CT?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 77 | 86 | +11.7% |
Summary: The Farmington real estate market had 86 homes for sale in May 2024, a 11.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 21 | 24 | +14.3% |
| 3 Bedrooms | 30 | 29 | -3.3% |
| 4 Bedrooms | 13 | 18 | +38.5% |
| 5+ Bedrooms | 10 | 13 | +30.0% |
Summary: The Farmington housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes increased by 38.5%, and 5+ bedroom homes increased by 30%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 28 | +21.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
5 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Farmington, you could pay more than the asking price. 78.6% of homes here sold above asking price last month.
Summary: A total of 28 homes were sold or pending in Farmington in May 2024, up by 21.7% month-over-month. Of the 28 sold homes, 4% were sold under asking, 18% were sold at asking, and 79% were sold over asking.
Days on Market for Farmington, CT
We’re sorry, we don't have information for this market at the moment
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