Every month Todd Waller dives deep into the previous month’s Ann Arbor Michigan real estate market stats and delivers exciting insights into the status of the Ann Arbor Michigan area real estate market. Subscribe to the Studio Four8 YouTube channel and never miss an update again!
Ann Arbor Michigan Real Estate Market
The market is shifting, and while it will take some time for the numbers to catch up, some things are becoming apparent. These July 2022 stats are compared to the previous year’s July 2021 statistics.
Average Sales Price
The average sales price for a single family property (house or condo) sold in Ann Arbor in the month of July 2022, was $516,612, this is up 13.34% compared to July 2021 .The median sales price for Ann Arbor is $430,000 which is up 4.37%.
Days on Market
Properties sold in July of 2022 were on market for an average of 13 days. This is down 18.36% from July 2021. This reflects the low inventory we are seeing in the market, we need more than two weeks on average for our market to get back to a healthy place.
Properties Sold At or Above List Price
July of 2022 saw a 6.28% decrease in the number of properties sold, compared to July of 2021, with a total of 209 properties receiving new owners. Not a huge number, but significant enough to call attention to.
In July of 2022, 69.38% of the properties sold at or above list price; so that means of the 209 homes sold, 145 sold at or above listing price.
What to do With This Information?
If you are a home owner in Ann Arbor, and would like some guidance in this shifting market, we are happy to help!
Maybe you are looking to pull some equity from your home, we can be your real estate resource.
If you are looking to purchase in Ann Arbor, we have years of experience within the city of Ann Arbor, and will happy to help you find your new home in the city we all love.