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 2022 Ann Arbor real estate market continues to be a strong sellers market, with low inventory levels, strong price appreciation, and many over list price sales occurring. These May 2022 stats are compared to the previous year’s May 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 May 2022, was $516,732, this is up 11.46% compared to May 2021 .The median sales price for Ann Arbor is $457,135 which is up 8.58%.
Days on Market
Properties sold in May of 2022 were on market for an average of 14 days. This is down 35.23% from May 2021.
Properties Sold At or Above List Price
May of 2022 saw a 13.53% increase in the number of properties sold, compared to May of 2021, with a total of 235 properties receiving new owners.
In May of 2022, 81.7% of the properties sold at or above list price; so that means of the 235 homes sold, 192 sold at or above listing price. This metric is another way to gauge the supply/demand inequity in the Ann Arbor market.
When well over half of all home sales are at or above list price, you can be sure that there is fierce competition among buyers for the limited stock of inventory that is coming to market.
What to do With This Information?
If you own a place in Ann Arbor, or are thinking of purchasing in Ann Arbor, Studio Four8 is here to help you navigate the current market, regardless of the conditions. The current market conditions favor Ann Arbor sellers. This is evident by the short days on market, and the percentage of properties selling at and above list price. So, for sellers, this is a great time to be selling. Reach out to a Studio Four8 agent and learn how we maximize the market conditions for your specific home selling scenario.
For purchasers, this is a challenging market, to be sure. Given that this is Ann Arbor, though, demand will always run higher than other communities around South East Michigan. Chat with an agent at the Studio and learn how your offer will be considered by a seller, and how we can shorten your time looking for a property.