Ann Arbor Condo Market Analysis 2024
The Ann Arbor condo market has been bustling this year with diverse offerings catering to various budgets and preferences. Whether you’re a buyer looking for the perfect investment or a seller interested in market trends, this comprehensive analysis will provide you with valuable insights into the current state of the market.
Key Market Statistics
Average Sale Price
The average sale price for condos in Ann Arbor this year is $417,065. This figure provides a general benchmark for both buyers and sellers to understand the financial landscape of the market.
Average Price Per Square Foot
At $304.00 per square foot, the average price per square foot offers a detailed perspective on property values relative to their size. This metric is particularly useful for comparing different properties and determining the value proposition of each unit.
Average Days on Market
Condos in Ann Arbor spent an average of 28 days on the market before being sold. This duration suggests a reasonably brisk market, where well-priced properties are attracting interest and closing deals relatively quickly.
Highlighted Sales
The Most Expensive Unit Sold
- Address: 410 N. First St. #401, Ann Arbor MI 48103
- Sale Price: $1,400,000
- Stats: 2,233 square feet, 3 bedrooms, 2.1 baths, 2 car parking in secure garage
This luxury condo at 410 N. First stands out not just for its price, but also for its prime downtown Ann Arbor location and high-end amenities. It’s a testament to the premium market segment in Ann Arbor, offering potential buyers a glimpse into the upper echelon of local real estate. Listed by us, The Bouma Group!
The Average Priced Unit Sold
- Address: 3034 Barclay Way, Ann Arbor MI 48105
- Sale Price: $417,000
- Stats: 1,416 square feet, 3 bedrooms, 2.1 baths, 1-car attached garage
Falling right at the average sale price, this unit at Barclay Park exemplifies what a mid-market condo looks like. Buyers interested in this price range can expect a balanced mix of quality, location, and features.
The Least Expensive Condo Sold
- Address: 4218 Packard St. #1, Ann Arbor MI 48108
- Sale Price: $130,000
- Stats: 768 square feet, 2 bedrooms, 1 bath, dedicated spot for parking
For budget-conscious buyers or investors seeking entry-level opportunities, this condo at Arbor Heights represents the more accessible end of the market. It offers a starting point for those entering the Ann Arbor real estate scene.
Conclusion
The Ann Arbor condo market in 2024 offers something for everyone, from luxury high-end units to more budget-friendly options. With an average sale price of $417,065 and properties spending an average of 28 days on the market, it’s clear that demand remains strong and opportunities abound.
Whether you’re considering buying or selling, keeping an eye on these trends can help you make informed decisions. For personalized advice and to explore available listings, reach out to us today at 734-761-3060 or info@condohotline.com to connect with one of our experienced real estate professionals. Your dream condo in Ann Arbor might just be a call away!