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!
The Most and Least Expensive Condos Sold in Ann Arbor this Year
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!