Is Ann Arbor, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Ann Arbor is a seller's market

Buyer's
Market

Difference Since September 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

$495,842

$253/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$11,189(+2.3%)

Key Takeaway

Homes in Ann Arbor have sold for 2.3% more than they did a year ago.

Summary: The median home sold price in Ann Arbor was $495,842 in September 2024, up 2.3% from last year, and the median price per square foot was $253.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $207.5K$249K
+20.0%
2 $297.6K$310K
+4.2%
3 $449.6K$474.8K
+5.6%
4 $619K$628K
+1.5%
5+ $880K$883.2K
0.4%

Summary: Ann Arbor housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 5.6%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes increased by 0.4%.

Median Sold Price Compared To Nearby Cities

Ann Arbor
+2.3%
Ann Arbor Charter Township
+2.3%
Pittsfield Charter Township
+2.3%
Scio Township
-0.5%

Housing Supply in Ann Arbor, MI

How many homes are available in Ann Arbor, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
439450+2.5%

Summary: The Ann Arbor real estate market had 450 homes for sale in September 2024, a 2.5% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 1717
0.0%
2 9591
-4.2%
3 155166
+7.1%
4 124116
-6.5%
5+ 4860
+25.0%

Summary: The Ann Arbor housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.2%, 3 bedroom homes increased by 7.1%, 4 bedroom homes decreased by 6.5%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
13986-38.1%

Asking Price vs. Sold Price

43 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

35 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Ann Arbor, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 86 homes were sold or pending in Ann Arbor in September 2024, down by 38.1% month-over-month. Of the 86 sold homes, 50% were sold under asking, 9% were sold at asking, and 41% 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

Sep 2023Sep 2024CHANGE
30 Days31 Days+4.3%

Summary: Homes in Ann Arbor had an average of 31 days on market in Sep 2024, up by 4.3% compared to last year.

Breakdown of Home Sale Times

53 Homes Were Sold
Under 30 Days

27 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Ann Arbor are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 86 homes were sold in Ann Arbor; 62% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 29 Days Ago

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