Houses for Sale Under $400,000 in Farmington Hills, MI?

TL;DR: Use the price cap to narrow your search, then compare homes by monthly cost, condition and the cash you’ll need at closing. The four 2026 properties below show how asking prices, sale prices and listing status can differ.

Four historical property examples

• 24213 Broadview Street. An April asking price of $374,900 preceded a reported August 12 sale for $358,854. Listing history.
• 23245 Tuck Road. A listing history shows a $315,000 asking price in April. Verify the current status directly because syndicated feeds can differ. Listing history.
• 36482 Lochdale. The listing history reports an April 2026 sale at $325,000. The original article combined main-level and finished basement area. Check the breakdown and current association documents. Listing history.
• 31260 Country Way. The listing history shows an April asking price of $220,000 and a reported June 5 sale for $218,000. Verify current association dues and inclusions for any unit you consider. Listing history.

The original 67-listing count, 25-day average, inventory, price-growth and concession figures lacked a matched dated report with consistent search filters. Ask for a fresh MLS search by city boundary, status and property type. Check closed sales separately to see what buyers paid.

Estimate the cost for the specific home

1. Mortgage and cash at closing. Compare written Loan Estimates and ask how much to set aside for inspections, moving and initial repairs. CFPB guide to comparing Loan Estimates.
2. Property taxes and insurance. Ask the assessor for a post-purchase estimate. The original $4,000 annual figure is unsuitable for an individual home. Obtain an insurance quote for the address. Farmington Hills property tax guide.
3. Condo dues and assessments. Review the current budget, reserves, insurance and governing documents. Confirm what the dues cover and which costs owners pay separately.
4. Layout and repairs. Compare usable above-grade space and basement space separately. Inspect the roof, mechanical systems and drainage. Confirm school assignment with the district if it matters to you.

Ask about financing options

HUD guidance describes a 3.5% minimum required investment for borrowers qualifying for maximum FHA financing. Eligibility, mortgage insurance and property requirements apply. Michigan’s MI 10K DPA program is a separate assistance loan that must accompany an eligible MSHDA MI Home Loan. Ask a participating lender about current limits and repayment terms.

Tom’s perspective

Tom likes to compare how the layout and outdoor space fit daily life. For buyers who value a yard, garage or one-level layout, he suggests ranking those features before touring and keeping room in the budget for upkeep.

Key takeaways

• Check current listings and recent closed sales separately.
• Verify taxes, insurance, association costs and condition for each property.
• Review financing and assistance terms before relying on a budget.

Frequently asked questions

Are these four properties currently for sale?

These are examples from 2026 listing histories. Check the current MLS before relying on price, terms or availability.

Does a $400,000 cap cover the full cost?

The cap applies to purchase price. Budget separately for financing, taxes, insurance, association dues, closing costs and maintenance.

What should I verify about condo dues?

Ask for the current budget, fee schedule, inclusions, insurance, reserves and any pending or approved special assessments.

Can I use the seller’s current tax bill?

Use it as a reference and ask the assessor for an estimate after transfer. Taxable value generally uncaps in the following calendar year after a qualifying transfer.

Can I get down payment assistance?

Eligible buyers may qualify for up to $10,000 through MSHDA’s MI 10K DPA loan when combined with a qualifying MI Home Loan. Confirm the requirements with a participating lender.

How should I compare finished square footage?

Separate above-grade area from finished basement space and confirm the measurements and permitted use where they matter to your decision.

Recommended reading

• Farmington Hills homes with a view
• Farmington Hills buyer and seller guide

About Tom Gilliam

Tom Gilliam | REALTOR® | RE/MAX Classic. Tom offers local listing searches, comparable-sales reviews and offer guidance in Farmington and Farmington Hills.