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
Photo courtesy of the MLS
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
Photo courtesy of the MLS
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
Photo courtesy of the MLS
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
Photo courtesy of the MLS
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!
3 Trends That Are Good News for Today’s Condo and Home Buyers
While higher mortgage rates are creating affordability challenges for condo and homebuyers this year, there is some good news for those people still looking to buy a home.
As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are 3 trends that may benefit you when you buy a home today.
1. More Homes To Choose from
During the pandemic, housing supply hit a record low while buyer demand skyrocketed. This combination made finding a condo or home difficult because there just wasn’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.
Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.
2. Bidding Wars Have Eased
One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.
If you tried to buy a house or condo over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching with less competition.
3. More Negotiation Power
And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip essential steps in the home buying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.
As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the condo or home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.
A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.
Bottom Line
If you are on the fence about whether or not to begin your condo or home search, consider these 3 trends that favor the buyer! While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a condo or home in the past, now may be the moment you’ve been waiting for. Let’s connect to start the homebuying process today. Contact us at 734-761-3060 or info@condohotline.com to start your search!