A Deep Dive into Ann Arbor Condo Market Trends in 2024

The Garnet Condo Building, New Construction in Downtown Ann Arbor

Ann Arbor’s condo market is bustling with activity as we move through 2024. In the first three quarters alone, the data shows interesting patterns and trends that both current condo owners and potential buyers should consider. Here’s a detailed look at what you need to know.

Overview of the Ann Arbor Condo Market

  • New Listings: 604 new listings have been recorded, representing a modest increase of 1.7% compared to the same period last year.
  • Pending Sales: There have been 482 pending sales, showing a slight dip of 1%.
  • Closed Sales: 470, marking a decrease of 2.5%.
  • Days on Market: Condos are selling faster, with an average of just 35 days on the market, an impressive drop of 35%.

Pricing Trends

  • Median Sales Price: The median sales price has increased by 13%, now standing at $356,000.
  • Average Sales Price: This year, the average sales price has risen to $416,563, which is a 7% increase.
  • Percent of List Price Received: Sellers are receiving on average 100.8% of their asking prices, a slight decrease of 0.5%.

Downtown Ann Arbor Condo Market

  • Currently Active: There are 36 active listings in downtown Ann Arbor.
  • Pending Listings: 26 condos are currently under contract.
  • Sales Activity: There have been 77 closed sales. Notably, seven of these sales have been over $1,000,000, including four new construction units.
  • Affordable Options: For those seeking more affordable options, 30 units sold under $300,000, predominantly located in Tower Plaza.
  • Median and Average Sales Prices: The median sales price is $451,000, and the average sales price is $534,562.

Spotlight on Notable Sales

Most Expensive Condo Sold

101 N. Main St. #906, Downtown Ann Arbor
One North Main Condos
2,316 square feet with 3 bedrooms and 2 baths
Listed for $1,195,000
Sold for $1,625,000
13 days on market

The top-tier properties in Ann Arbor’s market continue to command significant attention. One of the most expensive condos sold this year was a luxurious unit in the heart of downtown, fetching well over $1,000,000 and showcasing the continued demand for high-end urban living.

Average Condo Sale

111 N. Ashley St. #604, Downtown Ann Arbor
Ashley Terrace Condos
863 square feet with 1 bedroom and 1 bath
Listed for $439,900
Sold for $420,000
27 days on market

The average condo sale in Ann Arbor reflects the broader trends of increasing prices, with typical units selling at around $416,563. These average-priced condos often offer a balanced mix of location, amenities, and value, making them appealing to a wide range of buyers.

Least Expensive Condo Sold

555 E. William St. #5L, Downtown Ann Arbor
Tower Plaza
430 square feet, studio with 1 full bath
Listed for $185,000
Sold for $185,000
1 Day on Market

At the other end of the spectrum, some of the least expensive condos, particularly in areas like Tower Plaza, provide affordable entry points into the Ann Arbor real estate market. These units, selling for under $300,000, offer great opportunities for first-time buyers or those looking for investment properties.

Key Takeaways for Buyers and Sellers

For buyers, the Ann Arbor condo market remains competitive, but opportunities exist across various price points. It’s essential to move quickly, given the reduced days on market. Sellers, meanwhile, can take advantage of the appreciating prices and quick sales, although it’s important to price realistically to ensure swift transactions.

Whether you’re considering buying or selling a condo in Ann Arbor, understanding these trends can help you make informed decisions. Stay tuned for more updates as the year progresses, and don’t hesitate to reach out if you’re ready to explore the Ann Arbor condo market further. Contact us today at The Bouma Group at 734-761-3060 or info@condohotline.com.