Is Ann Arbor, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$490,000
$272/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Ann Arbor have sold for 9% more than they did a year ago.
Summary: The median home sold price in Ann Arbor was $490,000 in March 2024, up 9% from last year, and the median price per square foot was $272.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $215K | $240K | +11.6% |
| 2 Bedrooms | $284.7K | $296.4K | +4.1% |
| 3 Bedrooms | $430.4K | $465.9K | +8.2% |
| 4 Bedrooms | $611.5K | $619.1K | +1.2% |
| 5+ Bedrooms | $820K | $910K | +11.0% |
Summary: Ann Arbor housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.6%, 2 bedroom homes increased by 4.1%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 11%.
Median Sold Price Compared To Nearby Cities
| Ann Arbor | $449.3K | $490K | +9.0% |
| Ann Arbor Charter Township | $454.7K | $490K | +7.8% |
| Scio Township | $502.6K | $533.7K | +6.2% |
| Pittsfield Charter Township | $430K | $446.5K | +3.8% |
Housing Supply in Ann Arbor, MI
How many homes are available in Ann Arbor, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 284 | 345 | +21.5% |
Summary: The Ann Arbor real estate market had 345 homes for sale in March 2024, a 21.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 15 | +50.0% |
| 2 Bedrooms | 73 | 78 | +6.8% |
| 3 Bedrooms | 101 | 128 | +26.7% |
| 4 Bedrooms | 75 | 94 | +25.3% |
| 5+ Bedrooms | 25 | 30 | +20.0% |
Summary: The Ann Arbor housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 26.7%, 4 bedroom homes increased by 25.3%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 65 | 91 | +40.0% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
49 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ann Arbor, you could pay more than the asking price. 53.8% of homes here sold above asking price last month.
Summary: A total of 91 homes were sold or pending in Ann Arbor in March 2024, up by 40.0% month-over-month. Of the 91 sold homes, 27% were sold under asking, 19% were sold at asking, and 54% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 49 Days | 37 Days | -23.3% |
Summary: Homes in Ann Arbor had an average of 37 days on market in Mar 2024, down by 23.3% compared to last year.
Breakdown of Home Sale Times
54 Homes Were Sold
Under 30 Days
27 Homes Were Sold
In 30 - 90 Days
10 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 March 2024, 91 homes were sold in Ann Arbor; 59% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
