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
We are starting to see a shift in the Ypsilanti Township 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 Township in the month of July 2022, was $334,477. Compared to July of 2021, this is up 8.8%. Median sales price rose 19.97% to $336,250, when comparing July 2021 to July 2022. So the shift in the market is not being reflected in sales price yet.
Days on Market
Properties sold in July of 2022 were on market for an average of 9 days. This is down 5.99% from July 2021. This is reflecting the inventory levels, which are remaining low.
Properties Sold At or Above List Price
July of 2022 saw a 18.75 decrease in the number of properties sold, compared to July of 2021, with a total of 39 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 township market. In July of 2022, 82.05% of the properties sold at or above list price. So out of the 39 properties receiving new owners, 32 of them sold at or above list price.
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. Though the market is shifting, conditions are still good to sell your home and we can help you!