Is Washtenaw County, 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, Washtenaw County has remained a Seller's Market.
Key Takeaway
Washtenaw County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Washtenaw County, MI
How much do homes in Washtenaw County, MI cost?
Median Sold Price
$389,452
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Washtenaw County have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Washtenaw County was $389,452 in March 2024, up 5.4% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $207.5K | $227.5K | +9.6% |
| 2 Bedrooms | $255K | $270.8K | +6.2% |
| 3 Bedrooms | $340K | $361.4K | +6.3% |
| 4 Bedrooms | $499.3K | $500.3K | 0.2% |
| 5+ Bedrooms | $683K | $683.7K | 0.1% |
Summary: Washtenaw County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.6%, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 0.2%, and 5+ bedroom homes increased by 0.1%.
Median Sold Price Compared To Nearby Counties
| Livingston County | $344.8K | $364.7K | +5.8% |
| Washtenaw County | $369.4K | $389.4K | +5.4% |
| Monroe County | $229.4K | $239K | +4.2% |
| Oakland County | $322.3K | $332.9K | +3.3% |
| Wayne County | $179.9K | $180K | 0.1% |
Housing Supply in Washtenaw County, MI
How many homes are available in Washtenaw County, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 722 | 805 | +11.5% |
Summary: The Washtenaw County real estate market had 805 homes for sale in March 2024, a 11.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 17 | +41.7% |
| 2 Bedrooms | 126 | 149 | +18.3% |
| 3 Bedrooms | 292 | 326 | +11.6% |
| 4 Bedrooms | 238 | 254 | +6.7% |
| 5+ Bedrooms | 54 | 59 | +9.3% |
Summary: The Washtenaw County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 41.7%, 2 bedroom homes increased by 18.3%, 3 bedroom homes increased by 11.6%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 9.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 175 | 205 | +17.1% |
Asking Price vs. Sold Price
62 Homes Were Sold
Under Asking
44 Homes Were Sold
At Asking
99 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Washtenaw County, you could pay more than the asking price. 48.3% of homes here sold above asking price last month.
Summary: A total of 205 homes were sold or pending in Washtenaw County in March 2024, up by 17.1% month-over-month. Of the 205 sold homes, 30% were sold under asking, 21% were sold at asking, and 48% were sold over asking.
Days on Market for Washtenaw County, MI
How long does it take to sell a home in Washtenaw County, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 57 Days | 48 Days | -15.0% |
Summary: Homes in Washtenaw County had an average of 48 days on market in Mar 2024, down by 15% compared to last year.
Breakdown of Home Sale Times
122 Homes Were Sold
Under 30 Days
58 Homes Were Sold
In 30 - 90 Days
25 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Washtenaw County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 205 homes were sold in Washtenaw County; 60% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.