Washtenaw County Real Estate Market Update
The Washtenaw County real estate market continues to show dynamic performance across both single-family homes and condominiums. Shifts in overall inventory, strong sales movement in targeted price tiers, and steady price appreciation define the latest market trends.
Single-Family Home Market Performance
- Inventory Dynamics: Available single-family listings experienced a seasonal decline compared to recent months, but total inventory remains up 21% over the same period last year.
- Closed Units: In line with typical seasonal patterns, November sales dipped 28% from the previous month. Year-to-date sales are holding steady compared to last year, though broader comparisons place overall volume approximately 8% below 2016 and 2017 levels.
- Value Appreciation: Both average sale price and price per square foot grew 4% year-over-year. The most pronounced growth occurred in upper-tier properties, where price per square foot for homes sold above $600,000 jumped by 7%.
- Market Summary: Overall sales pace mirrors last year's figures while overall pricing and transaction volume reflect a steady 4% annual increase.
Condominium Market Overview
- Inventory Trends: Active condo listings remained consistent with the prior month and reflect a 13% increase compared to last year.
- Surging Sales Activity: Expanded options led to increased buyer activity, driving year-to-date closed sales up by 8%. Sales in the $150,000 to $225,000 range climbed 19%, while the over-$400,000 market saw remarkable 98% growth, nearly doubling from 80 transactions last year to 159.
- Price Shifts by Tier: The overall average sale price for Washtenaw condos rose 8%, primarily driven by the significant surge in high-end unit sales. For properties between $150,000 and $400,000, price per square foot grew by a modest 1% to 2%. Conversely, condos priced over $400,000 experienced increased competition, adjusting average price per square foot from $303 down to $280.
- Market Outlook: An influx of new high-end units boosted sales figures and elevated overall average prices. However, the increased inventory in the luxury segment has created a more competitive landscape for sellers.
For additional details and complete market statistics, you can Download the full report.
