Washtenaw County Real Estate Market Update
The Washtenaw County real estate market continues to demonstrate strong performance across single-family homes and condominiums. Despite shifts in inventory levels, sustained buyer demand and rising property values remain key trends throughout the local market.
Single-Family Home Market Performance
- Inventory Growth: Available single-family listings are up 17% compared to last month and have increased by 29% year-over-year.
- Closed Units: May closed sales rose by 54 units compared to the prior month, matching sales figures from June of last year. Year-to-date sales show a slight 2% decline compared to last year's pace.
- Appreciating Values: Home prices continue to climb, with the average sales price reaching $345,000—a 4% increase year-over-year. The average price per square foot has also increased by 5%. While surrounding area markets are seeing luxury home prices level off, Washtenaw County luxury property prices continue to rise rapidly.
- Market Outlook: Despite the growth in overall inventory, a shortage of move-in-ready homes remains. High-demand properties continue to sell quickly, frequently generating multiple over-asking offers
Condominium Market Overview
- Inventory Shifts: Available condo listings decreased by 13% from last month, but remain 15% higher than the same period last year.
- Strong Sales Volume: June closed sales dipped slightly by 4 units compared to the previous month, keeping pace with sales from the previous year. Year-to-date closed units are up by 17%, marking the second-highest sales volume recorded in the past five years (behind only 2017).
- Rapid Price Growth: While surrounding markets experience price stabilization, Washtenaw County condo prices continue to rise rapidly. The average sales price has jumped 10% compared to last year, with the average price per square foot increasing by 8%.
- Supply and Demand Dynamics: Condo inventory has expanded quickly, driven largely by new high-end construction in Ann Arbor. Although inventory expansion has outpaced sales growth, buyer demand remains sufficiently strong to drive ongoing value appreciation.
For a detailed breakdown of local market trends, you can Download the full report.
