Every month Todd Waller dives deep into the previous month’s Ypsilanti Township, in the Lincoln School district, of Michigan real estate market stats and delivers exciting insights into the status of the Ypsilanti Township real estate market. Subscribe to the Studio Four8 YouTube channel and never miss an update again!
Ypsilanti Township’s Real Estate Market
The 2022 Ypsilanti Township’s 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.
Average Sales Price
The average sales price for a single family property (house or condo) sold in Ypsilanti Township in the month of April 2022, was $346,269. Compared to April of 2021, this is up 17.62%. Median sales price rose 17.23% to $330,000, when comparing April 2021 to April 2022.
Days on Market
Properties sold in April of 2022 were on market for an average of 44 days. This is up 288% from April 2021.
Properties Sold At or Above List Price
April of 2022 saw a 26.47% decrease in the number of properties sold, compared to April of 2021, with a total of 25 properties receiving new owners.
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 township market. In April of 2022, 84% of the properties sold at or above list price. So out of the 25 properties receiving new owners, 21 of them sold at or above list price.
When over 80% 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 Township, or are thinking of purchasing in Ypsilanti Township, 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.