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 October 2021 stats are compared to the previous year’s October 2020 statistics, which means for the year over year comparisons, numbers of transactions, and days on market can be skewed because there was a hot moment where real estate was effectively brought to a standstill. (Thanks, Covid-19.)
Average Sales Price
The average sales price for a single family property (house or condo) sold in Ypsilanti in the month of October 2021, was $205,580. Compared to October of 2020, this is up 10.01%. Median sales price fell 0.58% to $172,500, when comparing October 2020 to October 2021.
Days on Market
Properties sold in October of 2021 were on market for an average of 19 days. This is down 20.75% from October 2020.
Properties Sold At or Above List Price
October of 2021 saw a 22.86% increase in the number of properties sold, compared to October of 2020, with a total of 86 properties receiving new owners.
A newly tracked statistic for the Studio is the percentage of properties each month that sell at or above list price. This metric is another way to gauge the supply/demand inequity in the Ypsilanti market. In October of 2021, 72.09% of the properties sold at or above list price.
When over 70% 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.