The Current State of the Ann Arbor Real Estate Market, June 2024 Edition!

Let’s talk about the absolute craziness happening in the Ann Arbor market right now. Are rising interest rates slowing things down? Which city in Washtenaw County has the lowest inventory? And how much has the number of homes on the market decreased?

Ann Arbor Real Estate Market Overview

Current Inventory Levels: The current supply of inventory in Ann Arbor is incredibly low at only 1.36 months. What does this number mean? Months of inventory indicate how long it would take for all the current homes for sale to sell, given the current monthly sales volume. If no other homes were listed, we would be out of homes to sell in just over five weeks. A balanced, healthy market should have 5-7 months of inventory, but here we are at just over one month.

Rapid Sales: Homes in Ann Arbor are selling incredibly quickly, with a median of only 12 days on the market before going pending. This rapid turnaround shows just how much buyer demand there is.

Strong Seller Returns: Sellers are seeing robust returns on their investments, with homes selling for an average of 101.4% of their listed price. This high list-to-sold price percentage indicates that sellers are able to command top dollar for their properties. The median sold price in this market is $517,900.

These metrics show that the Ann Arbor market is in high demand, with low inventory, quick sales, and strong returns for sellers. Buyers and sellers alike should be prepared to act swiftly and strategically in order to navigate this market successfully.

Ypsilanti Market Conditions

Tight Inventory: If you're having trouble getting a home in Ann Arbor, you might think Ypsilanti could be a better option. Think again. The monthly supply of inventory in Ypsilanti is only 0.75 months—about three weeks' worth of homes. This is not great news for buyers who are already contending with interest rates around 7%.

Inventory Decrease: Despite the high demand and soaring prices, fewer people are selling. In Ypsilanti, we've seen a significant 42.75% decrease in inventory year-over-year. It’s hard to pry people away from those 3-4% interest rates.

Fast Sales: Homes in Ypsilanti are currently spending a median of just 8 days on the market. If you’re a buyer, this means you need to be ready to move quickly and decisively.

Seller Advantage: The list-to-sold price percentage stands at 101.8%, and the median sold price in the Ypsilanti market is currently $290,000.

Washtenaw County Wide Snapshot

County Inventory: Zooming out to countywide numbers, the months supply of inventory stands a bit higher at 1.46 months, still indicating very low inventory and high demand for homes across the county. With a significant 29.47% decrease in inventory over the last year, competition remains fierce.

Quick Sales: Homes across the county are selling quickly, with a median of just 11 days on the market. Similar to local trends, homes are generally selling for more than the asking price, at an average of 101.3% of the listing price. The median sold price here is a bit higher at $395,000, reflecting a market that's willing to pay a premium for the right home.

What This Means for You

Whether you’re buying or selling, the message is clear: prepare for a competitive market. Buyers, be ready to act swiftly and possibly above asking price. Sellers, it's an opportune time to maximize returns on your property.


Posted by The Spotlight Home Team on
Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.