Every month Todd Waller dives deep into the previous month’s Ypsilanti real estate market stats and delivers exciting insights into the status of the Ypsilanti, Michigan real estate market. Subscribe to the Studio Four8 YouTube channel and never miss an update again!
Ypsilanti’s Real Estate Market
We are starting to see a shift in the Ypsilanti’s Real Estate market, while some of the statistic we track are reflecting that shift, others are taking time to catch up.
Average Sales Price
The average sales price for a single family property (house or condo) sold in Ypsilanti in the month of October 2022, was $225,008. Compared to October of 2021, this is up 9.45%. Median sales price rose 19.42% to $206,000, when comparing October 2021 to October 2022.
Days on Market
Properties sold in October of 2022 were on market for an average of 28 days. This is up 45.42% from October 2021.
Properties Sold At or Above List Price
October of 2022 saw a 40.70% decrease in the number of properties sold, compared to October of 2021, with a total of 51 properties receiving new owners. This is where we are beginning to see a shift in the market.
The percentage of properties each month that sell at or above list price is a metric is to gauge the supply/demand inequity in the Ypsilanti’s market. In October of 2022, 60.78% of the properties sold at or above list price. So out of the 51 properties receiving new owners, 37 of them sold at or above list price.
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. Though the market is shifting, conditions are still good to sell your home and we can help you!