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2.
Short for "family prices". The term is used by hippies and music festival attendees to assure potential customers (custies) that the products being sold (shirts, jewelry, drugs, etc.) are at fair, almost family-like, prices.

However, majority of the hippies using this term sell their products over-priced and often times unreasonably high. It is a deceptive term to those unfamiliar with the Festival scene, making individuals feel as though they're getting a good deal when in reality they're getting ripped-off.

The term is very ironic, being that it is supposed to signify a person's family-like actions when selling a product; the truth of the matter is that the seller is tricking the customer and portraying very non-family-like behavior.
"I got headie boomers! Fam prices!"

"Posters, patches, shirts... FAM PRICES!!!"
by littlehemp June 12, 2010
 
1.
noun

a price that is very cheap or deeply discounted; usually reserved for family members/close friends.
Hugh: "Yo Aaron did you get those new Nike HTM flyknits that dropped today?"
Aaron: "Yeah I did - they're super limited though, so I'm only looking to sell for double retail."
Hugh: "Come on, man! I know you got em for below retail; I need famprice on them."
Aaron: "Sorry man, I gotta make money so I'm gonna steve nash that offer. Later."
by xaM August 29, 2014