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.
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
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
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
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.