Every month Todd Waller dives deep into the previous month’s Ypsilanti, Michigan real estate market stats and delivers exciting insights into the status of the Ypsilanti real estate market. Subscribe to the Studio Four8 YouTube channel and never miss an update again!
Ypsilanti’s Real Estate Market
The 2021 Ypsilanti real estate market continues to be a strong seller’s market, with low inventory levels, strong price appreciation, and many over list price sales occurring. These January 2022 stats are compared to the previous year’s January 2021 statistics.
Average Sales Price
The average sales price for a single family property (house or condo) sold in Ypsilanti in the month of January 2022, was $199,890. Compared to January of 2021, this is down 11.90%. Median sales price rose 9.09% to $210,000, when comparing January 2022 to January 2021.
Days on Market
Properties sold in January of 2022 were on market for an average of 22 days. This is down 13.65% from January 2021.
Properties Sold At or Above List Price
January of 2022 saw a 19.57% decrease in the number of properties sold, compared to January of 2021, with a total of 37 properties receiving new owners.
In January of 2022 59.46% of the properties sold at or above list price. This metric is another way to gauge the supply/demand inequity in the Ypsilanti market
When over 50% 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. This is the highest percentage among the Washtenaw county municipalities that we track.
What to do With This Information?
If you own a place in Ypsilanti, or are thinking of purchasing in Ypsilanti, Studio Four8 is here to help you navigate the current market, regardless of the conditions. The current market conditions favor 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. 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.