Ann Arbor Condo Sales: H1 2026 Market Highlights

Quick answer: Ann Arbor’s condo market saw 282 sales in the first half of 2026, with prices ranging from $140,000 to $2,438,254. The average sale price came in at $441,625, while the median settled at $335,000. Condos that sold within 30 days averaged 99.74% of their original list price, reflecting strong demand across the market.

The Ann Arbor condo market delivered a wide range of opportunities in the first half of 2026. We saw compact, affordable units to stunning downtown residences that rival the finest homes in the area. Whether you’re a first-time buyer searching for an entry point into the market or a seasoned investor eyeing a luxury property, understanding how the market performed across all price points gives you a meaningful edge.

This post breaks down the H1 2026 Ann Arbor condo market by spotlighting the least expensive, median, average, and most expensive condos sold. We’ll also unpack the numbers behind days on market, sale-to-list price ratios, new construction trends, and resale activity—so you walk away with a clear, data-backed picture of where the market stands right now.

The Bouma Group tracked every detail of these 282 transactions closely, having listed 14 and sold 15 of these condos ourselves. Here’s what the data tells us.

The Least Expensive Condo Sold in Ann Arbor: 4214 Packard St #2

At $140,000, 4214 Packard St #2 in the Arbor Heights complex represents the most affordable entry point into Ann Arbor condo ownership during the first half of 2026. This 591-square-foot, 1-bedroom, 1-bathroom unit proves that owning in Ann Arbor doesn’t have to be out of reach.

Compact and efficiently designed, this type of unit typically attracts first-time buyers, students, and investors looking to build equity or generate rental income in a city consistently ranked among the best places to live in Michigan. At just under $237 per square foot, it’s a reminder that value still exists in this market.

The Median-Priced Condo Sold in Ann Arbor: 531 Liberty Pointe Drive

The median sale price of $335,000 is represented by 531 Liberty Pointe Drive in the Liberty Pointe community. This townhouse-style condo that sold right at the midpoint of the H1 2026 market. With 1,378 square feet on the main levels plus an additional 626 square feet of finished lower level, this 2-bedroom, 3 full bath + 1 half bath home offers space and flexibility.

This property was listed by The Bouma Group, and its sale at the median price reflects our team’s deep familiarity with pricing strategy and market positioning across Ann Arbor’s condo segment.

Townhouse-style condos like this one are especially popular with buyers who want the feel of a single-family home with a private entry, multiple levels, more square footage, without the maintenance responsibilities that come with owning a stand-alone property. At $335,000, this sale lands squarely in the heart of Ann Arbor’s condo demand.

The Average-Priced Condo Sold in Ann Arbor: 431 S. 7th St

The average sale price for H1 2026 is represented by 431 S. 7th St. Like the median property, this is a townhouse-style unit. It offers 1,056 square feet of living space plus 454 square feet in the finished lower level. It featured 3 bedrooms, 1.5 bathrooms, and an attached garage.

The gap between the median ($335,000) and the average ($441,625) is worth noting. It signals that higher-priced sales, particularly in luxury and new construction, are pulling the average upward. We consistently see this in the Ann Arbor condo market, where a cluster of premium transactions at the top end of the market has an outsized effect on the mean.

Understanding this distinction helps buyers and sellers alike interpret market data more accurately. The median often tells a more grounded story about typical buyer activity.

The Highest-Priced Condo Sold in Ann Arbor: 303 Detroit St #402

The standout transaction of the first half of 2026 was 303 Detroit St #402, which closed at $2,438,254. It was the highest condo sale price in Ann Arbor during the first half of 2026.

Located in the heart of the Kerrytown district, this 2,635-square-foot residence features 4 bedrooms and 4 bathrooms, and has been described as an exceptional unit with numerous custom finishes and upgrades. Kerrytown is one of downtown Ann Arbor’s most sought-after neighborhoods, offering walkable access to the Ann Arbor Farmers Market, boutique shops, acclaimed restaurants, and the broader downtown core.

At just over $925 per square foot, this sale is a benchmark for Ann Arbor’s luxury condo market. It shoes that demand at the top end of the market remains robust and that buyers are willing to pay a significant premium for location, quality, and craftsmanship.

Ann Arbor Condo Market Statistics: Days on Market and Sale-to-List Price Breakdown

The average of 44 days on market across all 282 sales requires some important context. New construction condos, which typically carry longer marketing timelines due to pre-sale and build phases, skew this figure higher. When you remove new construction from the equation, resale condos averaged just 38 days on market.

The sale-to-list price data tells an equally compelling story about the relationship between timing and pricing power:

• 0–30 days on market: 180 sales at an average of 99.74% of original list price
• 31–60 days on market: 33 sales at an average of 95.89%
• 61–90 days on market: 25 sales at an average of 95.41%
• 91–120 days on market: 20 sales at an average of 93.32%
• 121+ days on market: 24 sales at an average of 93.22%

The takeaway is clear: condos priced accurately from the start sell quickly and close near full price. Properties that linger on the market see meaningful price concessions which sometimes exceeded 6% off the original list price. For sellers, precision pricing at the beginning is necessary. For buyers, extended market time can signal negotiating room.

How Did Ann Arbor’s Luxury Condo Market Perform?

Sixteen condos sold for over $1,000,000 in the first half of 2026, confirming that Ann Arbor’s luxury condo segment is an active and established part of the market.

Of the 20 new construction condos that sold during this period, 10 were priced over $1 million. New construction sales naturally carry longer days-on-market figures. Pre-sale timelines, construction completion schedules, and buyer decision cycles all extend the process. This is the primary reason the overall average DOM is higher than the resale market experience would suggest.

Buyers pursuing new construction should anticipate this extended timeline and factor it into their planning. For those comparing new construction to resale, it’s also worth evaluating the total cost of customizations and finishes, which can add significantly to the final sale price, as seen with 303 Detroit St #402.

Resale Condo Market Insights for Ann Arbor

The resale segment accounted for 213 of the 282 total condo sales in H1 2026. With an average DOM of just 38 days, resale condos moved efficiently through the market, a reflection of steady buyer demand and relatively constrained inventory.

Resale buyers benefit from the ability to see a finished, occupied product, often with established HOA track records and known maintenance histories. For sellers in the resale market, the data reinforces the value of strategic pricing and preparation. The condos that sold fastest and closest to asking price were those that entered the market priced competitively from day one.

Across the board, the resale market showed healthy activity, which speaks to Ann Arbor’s unique position as a stable, high-demand real estate market anchored by the University of Michigan and a strong employment base.

What the H1 2026 Data Means for Ann Arbor Condo Buyers and Sellers

The first half of 2026 reinforced several patterns that both buyers and sellers should factor into their strategies.

For buyers: Speed matters. The majority of condos that sold in 30 days or fewer went for essentially full asking price. Buyers who are pre-approved, decisive, and working with experienced local agents are consistently better positioned to compete. Waiting for price reductions is a valid strategy for properties that have been sitting, but the best units rarely sit.

For sellers: An accurate list pricing is the most powerful tool at your disposal. Condos priced right sell fast and for close to full price. Those that miss the mark early lose momentum and ultimately net less.

For the market overall: With 282 sales, 16 luxury transactions, and a resale market averaging 38 days on market, Ann Arbor’s condo segment is performing with consistency and depth. The price range $140,000 to $2,438,254 reflects a market that serves diverse buyer profiles, from first-time purchasers to high-net-worth buyers seeking premium downtown residences.

Ready to Buy or Sell an Ann Arbor Condo? Contact The Bouma Group

The Bouma Group listed 14 and sold 15 of the condos that transacted in the Ann Arbor market during H1 2026. That level of involvement isn’t coincidental, it’s the result of years of focused expertise, an extensive buyer network, and a deep understanding of how Ann Arbor’s condo market operates at every price point.

If you’re thinking about buying or selling a condo in Ann Arbor, we’d love to put that expertise to work for you. Reach out to The Bouma Group today to discuss current market conditions, available listings, and how we can help you make the most of your next move.

📞 734-761-3060
🌐 www.bouma.com
📧 info@bouma.com

Mortgage Rates Just Saw Their Biggest Drop in a Year

You’ve been waiting for what feels like forever for mortgage rates to finally budge. And last week, they did – in a big way.

On Friday, September 5^th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year.

What Sparked the Drop?

According to Mortgage News Daily, this was a reaction to the August jobs report, which came out weaker-than-expected for a second month in a row. That sent signals across the financial markets, and then mortgage rates came down as a result.

Basically, we’re seeing signs the economy may be slowing down, and as certainty grows in the direction the economy is going, the markets are reacting to what is likely ahead. That historically brings mortgage rates down.

Why Buyers Should Pay Attention Now

But this isn’t just about one day of headlines or one report. It’s about what the drop means for you.

This recent change saves you money when you buy a home or condo. The chart below shows you an example of what a monthly mortgage payment (principal and interest) would be at 7% (where mortgage rates were in May) versus where rates roughly are now:

Compared to just 4 months ago, your future monthly payment would be almost $200 less per month. That’s close to $2,400 a year in savings.

How Long Will It Last?

That really depends on where the economy and inflation go from here. Rates could drop lower, or they could inch up slightly.

So, make sure you’re connected with a good agent and trusted lender. We keep a close eye on inflation indicators, job market updates, and reactions to upcoming Fed policy to gauge where mortgage rates may go from here.

But for now, focus on this. While no one can say for sure where rates are headed, the fact that rates broke out of their months-long rut is a good thing. If you’ve been feeling stuck, this could make the start of a new chapter. As Diana Olick, Senior Real Estate and Climate Correspondent at CNBC, says:

“Rates are finally breaking out of the high 6% range, where they’ve been stuck for months.” 

And that’s gives you more reason to hope than you’ve had in quite some time.

Bottom Line

This is the shift you’ve been waiting for.

Mortgage rates just saw their biggest decline in over a year. And if rates stay near this level, it could make a home or condo you couldn’t afford just a few months ago feel possible again.

What would today’s rates save you on your future monthly payment? Let’s connect so you can find out. Contact us today at The Bouma Group, Realtors at 734-761-3060 or info@condohotline.com and we’ll make a plan together. See what condo communities Ann Arbor has to offer and start dreaming about your new home!

Condos Could Be a Win for Today’s Buyers

Condos Could Be a Win for Today’s Buyers

Not every homebuyer wants the biggest house on the block. Some want something simpler, more affordable, and easier to maintain, especially in a market where every dollar counts. That’s where condos come in.

For first-time buyers, they can be a smart way to get into homeownership without stretching your budget. For downsizers, they offer less space to maintain, with the flexibility to stay in a great location.

And right now, condos are one of the most buyer-friendly parts of the market.

Condo Inventory Is Up, And That Means More Choice

According to the National Association of Realtors (NAR), there are 194,000 condos for sale right now. That’s the second highest amount we’ve seen in the last three years (see graph below):

Just remember, this is the national figure. The exact number is going to vary based on where you’re looking to buy. But, generally speaking, you have more options and less competition. In Ann Arbor right now, there are 140 condos for sale ranging in price from $174,900-$2,950,000 with a median price of $399,950, and an average of 85 days on the market. 25 of these units are new construction that range from $501,863-$2,858,000. If you’re looking for a good value, an existing condo in Ann Arbor is your best bet. See all Ann Arbor Condos currently for sale

You’re not stuck waiting for something to pop up or rushing into an offer just to beat someone else to it. You’ve got plenty to choose from. And if you’re particular about layout, location, or amenities, this is your chance to be selective. See Ann Arbor complex details

That’s a big shift from the market frenzy of just a few years ago. Compared to early 2022, we’ve got nearly double the condos available now. That gives you more breathing room to find the right fit.

Prices Are Cooling, and Buyers Hold More Negotiating Power

And since there are more for sale, many sellers are more open to negotiating right now. So, you may be able to get a better price. As Redfin explains:

“. . . condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price.”

Condo prices are starting to ease in many markets. According to Intercontinental Exchange (ICE), condo prices dipped 1.3% in June compared to last year. And over half of the top 100 U.S. metros saw condo prices drop slightly year-over-year. Ann Arbor has seen a drop of 3.3% in the median price year-to-date and 1.5% decrease in the average sales price.

Data from Redfin shows what the recent dip in prices looks like (see graph below):

That doesn’t just help with affordability, it also shifts the power dynamic. Condo buyers in many markets are now in a position to negotiate on price and ask for concessions, like help with closing costs.

Bottom Line

Condos aren’t just a fallback option. In today’s market, they’re one of the most strategic ways to buy. With more options, softening prices, and more room to negotiate, now could be the right time to make your move.

Could a condo check more boxes than you expected? Let’s talk through your options and find out. Contact us today at The Bouma Group, Realtors at 734-761-3060 or info@condohotline.com.

First-Time Buyers: Smart Moves to Break Into the Market

Smart Moves for First-Time Buyers

If you’re like a lot of aspiring homebuyers, there’s a major hurdle standing in your way — the cost of living. From groceries to gas, eggs, and just about everything else, prices have gone up. And that rings true for home prices, too.

But even when everything feels expensive, there are still ways to make homeownership more than an item on your wish list. You may just need to think about where you plan to buy a bit differently.

Think of Your First Home as a Stepping Stone

One of the biggest misconceptions among first-time buyers is that their first home has to be their forever home – or that it has to check all the boxes of what they want right out of the gate. In reality, it’s just a starting point.

Once you own a condo or home, you start to build equity, which grows over time as prices rise. Down the road, if you want to move — whether to a larger space, a better location, or both — the equity you’ve gained can help you do just that.

So rather than waiting until you can afford your dream home in your ideal area or neighborhood, consider starting with something that works for now.

Expand Your Search To Find More Affordable Options

If high prices in your favorite area are holding you back, it’s time to cast a wider net. By keeping an open mind and being flexible with location, you may be surprised at what’s possible within your budget. Many buyers find success by looking in surrounding areas – and some even choose to move out of state.

According to 2024 year-end data from MichRIC, these are the median prices for condos sold in these Washtenaw County areas (see chart below):

If you want to stay local, looking just outside your preferred area could help you find something you can afford that’s still pretty close to your favorite restaurants, shops, and activities. Sometimes, moving as little as 10 minutes away makes a big difference.

And the best way to see what’s available is to work with a real estate agent who understands the local market and can help you identify hidden gems nearby. An agent can point you to communities you may not have considered that have lower price tags now and are steadily gaining value and appeal. That way you can buy your first place and be set up to gain equity through the years.

Bottom Line

Today’s cost of living is a challenge for many buyers. But by exploring different areas and working with a knowledgeable agent, you can take that first step toward owning a home — and building equity for your future.

How far outside of your area would you look to make homeownership happen? Let’s connect to chat through your options. Contact us today at The Bouma Group at 734-761-3060 or info@condohotline.com.

Ann Arbor Condo Market 2024: A Look at the Highs, Lows, and Everything in Between

Ann Arbor Condo Market 2024 Recap

Are you thinking about buying or selling a condo in Ann Arbor? Knowing what’s happening in the local market is key to making informed decisions. The Ann Arbor condo market in 2024 showed remarkable variety, from luxury downtown living to affordable options in co-ops. With 592 condos sold and an average of 30 days on the market, it’s safe to say this year was dynamic, fast-paced, and full of opportunities.

Here’s a closer look at the highest, average, median, and lowest-priced condos sold in 2024, along with key insights that define the Ann Arbor real estate landscape.

Key Market Trends in 2024

Before we explore the standout sales, let’s check out some overall market stats:

• Average sale price: $415,660
• Median sale price: $350,000
• Average price per square foot: $301
• Median price per square foot: $265
• 397 condos closed within just 30 days!

Clearly, Ann Arbor’s thriving market offers something for every type of buyer while ensuring sellers can move their properties quickly.

Now, let’s break down the highs, averages, and lows of Ann Arbor condos in 2024.

The Most Expensive Sale of 2024

Location: 101 N. Main St. #906, Downtown Ann Arbor at One North Main

• List Price: $1,195,000
• Sale Price: $1,625,000 (Yes, you read that right—it sold for $430,000 over asking!)
• Square Footage: 2,316 sq. ft.
• Price Per Square Foot: $701.64
• Bedrooms/Bathrooms: 3 beds, 2 baths
• Days on Market: 13

This downtown penthouse boasts stunning views, spacious luxury, and cutting-edge design, making it a magnet for elite buyers. With 13 days on the market, this property reinforced the appeal of Ann Arbor’s downtown scene. If upscale urban living is what you’re after, this sale sets a high bar!

The Average Condo Sale

Location: 3176 Asher Rd., East Ann Arbor at Berkshire Creek

• List Price: $415,900
• Sale Price: $415,900 (sold right at asking)
• Square Footage: 2,179 sq. ft.
• Price Per Square Foot: $190.87
• Bedrooms/Bathrooms: 2 beds, 2.1 baths
• Days on Market: 26

East Ann Arbor remains a sweet spot for buyers looking for spacious homes without the downtown price tag. The condo at 3176 Asher Rd. epitomizes this balance, offering generous square footage and an attractive price per square foot for buyers seeking both affordability and comfort.

The Median Sale of 2024

Location: 727 Peninsula Court, Ann Arbor at Geddes Lake

• List Price: $348,000
• Sale Price: $350,000 (just above asking)
• Square Footage: 758 sq. ft.
• Price Per Square Foot: $230.87
• Bedrooms/Bathrooms: 3 beds, 2.1 baths
• Days on Market: 5

This condo flew off the market in just 5 days, highlighting that homes in the $350,000 range are in high demand. Its cozy yet functional floor plan makes it a great entry point for first-time buyers who value location and convenience.

The Least Expensive Sale of 2024

Location: 3210 Williamsburg, Southeast Ann Arbor (Co-op)

• List Price: $125,000
• Sale Price: $125,000 (sold at asking)
• Square Footage: 707 sq. ft.
• Price Per Square Foot: $176.80
• Bedrooms/Bathrooms: 1 bed, 1 bath
• Days on Market: 13

For those on a budget, this charming co-op condo offered an affordable entry into Ann Arbor living. With a modest price per square foot, it’s examples like these that show Ann Arbor can still cater to buyers in the lower price ranges.

Why This Market Matters to Buyers and Sellers

Whether you’re considering buying or selling, Ann Arbor’s condo market offers unique opportunities:

• For Buyers: From luxury downtown spots to affordable co-ops, there’s something for every lifestyle and budget.
• For Sellers: With 397 units selling within 30 days, the right pricing strategy and marketing could have your property off the market in no time.

What’s Next?

No matter your goals in Ann Arbor’s condo market, understanding trends and performance is crucial. Interested in making your move or learning more about the value of your property? We’re here to help you understand your options and achieve the best outcomes.

Contact us today at The Bouma Group, Realtors at 734-761-3060 or info@condohotline.com, and let’s explore the possibilities in Ann Arbor real estate together!

Are We Heading into a Balanced Real Estate Market?

Are We Heading into a Balanced Market?

If you’ve been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here’s a breakdown of what you need to know.

What Is a Balanced Market?

A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices tend to stabilize, and there’s a healthier number of condos and homes to choose from. After many years, when sellers had all the leverage, a more balanced market would be a welcome sight for people looking to move. The question is – is that really where the market is headed?

After starting the year with a three-month supply of homes nationally, inventory has increased to four months. That may not sound like a lot, but it means the market is getting closer to balanced – even though it’s not quite there yet. It’s important to note this increase in inventory is not leading to an oversupply that would cause a crash. Even with the growth lately, there’s still nowhere near enough supply for that to happen.

The graph below uses data from the National Association of Realtors (NAR) to give you an idea of where inventory has been in the past, and where it’s at today:

For now, this is still seller’s market territory – it’s just not as frenzied of a seller’s market as it’s been over the past few years. As Mark Fleming, Chief Economist at First American, says:

“The faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.”

What This Means for You and Your Move

Here’s how this shift impacts you and the market conditions you’ll face when you move. Lawrence Yun, Chief Economist at NAR, explains:

“Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

The graphs below use the latest data from NAR and Realtor.com to help show examples of these changes:

Homes Are Sitting on the Market Longer: Since more condos and homes are on the market, they’re not selling quite as fast. For buyers, this means you may have more time to find the right place. For sellers, it’s important to price your condo or house right if you want it to sell. If you don’t, buyers might choose better-priced options.

Sellers Are Receiving Fewer Offers: As a seller, you might need to be more flexible and willing to compromise on price or terms to close the deal. For buyers, you could start to face less intense competition since you have more options to choose from.

Fewer Buyers Are Waiving Inspections: As a buyer, you have more negotiation power now. And that’s why fewer buyers are waiving inspections. For sellers, this means you need to be ready to negotiate and address repair requests to keep the sale moving forward.

How a Real Estate Agent Can Help

But this is just the national picture. The type of market you’re in is going to vary a lot based on how much inventory is available. So, lean on a local real estate agent for insight into how your area stacks up.

Whether you’re buying or selling, understanding how the market is changing gives you a big advantage. We have the latest data and local insights, so you know exactly what’s happening and how to navigate it.

Bottom Line

The real estate market is always changing, and it’s important to stay informed. Whether you’re buying or selling, understanding this shift toward a balanced market can help. If you have any questions or need expert advice, don’t hesitate to reach out to us at The Bouma Group at 734-761-3060 or info@condohotline.com.

Why a Condo May Be a Great Option for Your First Home

An Ann Arbor Condo is a Great First Home

Having a hard time finding a first home that’s right for you and your wallet, especially in Ann Arbor? Well, here’s a tip – think about condominiums, or condos for short.

They’re usually smaller than single-family homes, but that’s exactly why they can be easier on your budget. According to the latest data from the National Association of Realtors (NAR), condos are typically less expensive than single-family homes (see graph below):

So, if you’re comfortable with a smaller space and want to buy your first home this year, adding condos to your search might be easier on your wallet.

Besides giving you more options for your home search and maybe fitting your budget better, living in a condo has many other perks. According to Rocket Mortgage:

“From community living to walkable urban areas, condos are great options for first-time home buyers and people looking to enjoy homeownership without extensive upkeep.”

Benefits of Condo Living

Let’s dive into a few of the draws of condos for first-time buyers from Bankrate:

• They require less maintenance. Condos are great if you want to own your place but don’t want to mow the lawn, shovel snow, or fix the roof. Your real estate agent can help explain any associated fees and details for the condos you’re interested in.
• They allow you to start building equity. When you buy a condo, you build equity and your net worth as you make your mortgage payments and as your condo’s value goes up over time.
• They often come with added amenities. Your condo might have access to amenities like a pool, dog park, or parking. And the best part? You don’t have to take care of any of them.
• They provide you with a sense of community. Buying a condo means you’ll be living close to other people, which is nice if you enjoy having neighbors around and making friends. Many condo communities hold fun events like barbecues and holiday parties for everyone to enjoy.

Remember, your first home doesn’t have to be the one you stay in forever. The important thing is to get your foot in the door as a homeowner so you can start to gain home equity. Later on, that equity can help you buy another place if you need something different.

Ultimately, owning and living in a condo is a lifestyle choice. And if it’s one that appeals to you, they could provide the added options you need in today’s market.

Bottom Line

It might be a good idea to think about condos in your home search. If you’re ready to see what’s out there, let’s get in touch today. Contact us at The Bouma Group, Realtors at 734-761-3060 or info@condohotline.com.

The Latest Expert Forecasts for Home Prices in 2023

Are Home Prices Dropping or Increasing?

Are you thinking about making a move? If so, all the speculation that home prices would crash this year may have you feeling a bit on edge about your decision. Let the data and the experts reassure you. Prices aren’t in a downward spiral and will actually finish the year strong.

Even though you may have heard talk that prices would drop 5, 10, or even 20% this year, that hasn’t happened. The big reason why is the supply of homes for sale is too low. There are just more buyers looking to buy than homes available, and that’s kept prices from falling.

To prove this year wasn’t a bust for home prices, let’s look at the latest 2023 forecast from a number of experts.

Most Experts Project Home Prices Will Net Positive This Year

The general consensus from industry experts is that home price appreciation will actually be positive for 2023. The graph below shows the latest 2023 year-end forecasts from six different organizations:

As you can see, all but one project nationally prices will net positive this year. That’s significant because it shows the majority are optimistic about home price growth.

If you’re still worried about the one red bar that shows an overall price drop for the year, think about this. The projection from the National Association of Realtors (NAR) is for only a slight decline. It’s not the big crash all the headlines called for. Plus, if you average all six forecasts together, the expectation is that prices will net somewhere around 3.3% positive growth for the year.

If these 6 organizations aren’t enough to convince you that prices won’t come tumbling down, here’s something else to consider. One of the six forecasts represented in the graph is the Home Price Expectation Survey (HPES) from Pulsenomics. It combines survey results from over 100 economists, investment strategists, and housing market analysts. The HPES found that the average from all 100 of those experts is 3.3% price growth for the year.

If you look back at the graph above, you’ll notice the blue average for the forecasts in this graph is also 3.3%. While individual forecasts may vary, both the HPES survey and the average of these forecasts provide the same projection. And 3.3% appreciation is a completely different story than prices falling.

Ann Arbor Area Home Prices

In the Ann Arbor Area, we are seeing an increase in home and condo prices so far this year. Since January 1st, 2023, the average sale price of condos has increased by 2.7% and is now $353,761. Single-family homes saw an increase of  6.1% and sits at $488,726. Ann Arbor is also experiencing a serious lack of inventory which continues to drive values up. Get the full Ann Arbor Condo market update here.

Bottom Line

If you’re worried about home prices falling this year, let the experts reassure you. Based on the average of the latest forecasts, home prices will actually show positive growth this year. If you have questions about what’s happening with home prices in our local area, let’s connect today at 734-761-3060 or info@condohotline.com.

Is the Real Estate Market Slowing Down, or Is This a Housing Bubble?

Buyers: You May Face Less Competition as Bidding Wars Ease