Is Ann Arbor, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Ann Arbor has remained a Seller's Market.
Key Takeaway
Ann Arbor is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ann Arbor, MI
How much do homes in Ann Arbor, MI cost?
Median Sold Price
$489,700
$276/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Ann Arbor have sold for 7.9% more than they did a year ago.
Summary: The median home sold price in Ann Arbor was $489,700 in April 2024, up 7.9% from last year, and the median price per square foot was $276.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $223.7K | $244K | +9.1% |
| 2 Bedrooms | $284.9K | $299.9K | +5.3% |
| 3 Bedrooms | $436.2K | $469.6K | +7.7% |
| 4 Bedrooms | $615K | $618.8K | +0.6% |
| 5+ Bedrooms | $825K | $890K | +7.9% |
Summary: Ann Arbor housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.1%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes increased by 7.9%.
Median Sold Price Compared To Nearby Cities
| Ann Arbor | $453.9K | $489.7K | +7.9% |
| Scio Township | $498.4K | $535K | +7.3% |
| Ann Arbor Charter Township | $459K | $490K | +6.7% |
| Pittsfield Charter Township | $430K | $444.8K | +3.4% |
Housing Supply in Ann Arbor, MI
How many homes are available in Ann Arbor, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 343 | 448 | +30.6% |
Summary: The Ann Arbor real estate market had 448 homes for sale in April 2024, a 30.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 16 | 16 | 0.0% |
| 2 Bedrooms | 73 | 93 | +27.4% |
| 3 Bedrooms | 134 | 160 | +19.4% |
| 4 Bedrooms | 91 | 131 | +44.0% |
| 5+ Bedrooms | 29 | 48 | +65.5% |
Summary: The Ann Arbor housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 27.4%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 44%, and 5+ bedroom homes increased by 65.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 103 | 128 | +24.3% |
Asking Price vs. Sold Price
42 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
73 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ann Arbor, you could pay more than the asking price. 57% of homes here sold above asking price last month.
Summary: A total of 128 homes were sold or pending in Ann Arbor in April 2024, up by 24.3% month-over-month. Of the 128 sold homes, 33% were sold under asking, 10% were sold at asking, and 57% were sold over asking.
Days on Market for Ann Arbor, MI
How long does it take to sell a home in Ann Arbor, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 34 Days | 34 Days | +1.4% |
Summary: Homes in Ann Arbor had an average of 34 days on market in Apr 2024, up by 1.4% compared to last year.
Breakdown of Home Sale Times
64 Homes Were Sold
Under 30 Days
58 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ann Arbor are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 128 homes were sold in Ann Arbor; 50% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.