Downtown Ann Arbor Condo Market Update: Q1 2026

The Downtown Ann Arbor condo market is springing into action, but buyers face tighter inventory than they did last year. The downtown landscape continues to evolve rapidly. City planners continue to approve new condo and apartment developments, promising fresh opportunities on the horizon.

Whether you want to buy your first downtown property or sell a luxury penthouse, understanding these shifts is crucial. Here is your complete breakdown of the Q1 2026 real estate market.

The Shifting Downtown Landscape

Inventory remains a key factor this quarter. While resale options have dipped, new construction projects are stepping up to meet the high demand for downtown living.

New Construction and Future Developments

Currently, 15 new construction condos are listed in the MLS, with four already under contract. Several exciting projects recently received approval, which will significantly expand downtown housing options:

Braun Court: 36 luxury condos
303 Detroit: 18 luxury condos
Dunbar Tower: 63 affordable apartments

Additionally, several major projects are currently in the planning phase:

315 Huron: 285 apartments
1st Street Condos: 48 condos

Active Resale Inventory Dips

The resale market is highly competitive. Right now, 19 resale listings are on the market. Eight of those are already under contract, leaving just 11 condos actively available for purchase. This represents a significant drop from the first quarter of 2025, which featured 18 available units.

Q1 2026 Closed Sales Breakdown

Nine properties successfully closed during the first quarter of 2026. Buyers acted quickly, and many units sold at or near their asking prices.

212 Miller Avenue

Three new construction units closed in this building:

Unit 101: This 1,556-square-foot, 2-bedroom, 2-bath unit with a 2-car garage sold for $1,016,049.
Unit 103: Featuring 1,543 square feet, 2 bedrooms, 2.5 baths, and a 2-car garage, this unit sold for $1,047,760.
Unit 302: This spacious 2,754-square-foot condo with 3 bedrooms, 3.5 baths, and a 2-car garage sold for $2,408,292.

410 First Condos

410 N. 1st Street #301: Originally listed for $1,359,000, the sellers adjusted the price to $1,329,000. It sold for $1,250,000 after 38 days on the market. The condo features 1,945 square feet, 3 bedrooms, 2.5 baths, and a 2-car garage.

542-548 N. Main Condos

546 N. Main St: Listed for $1,750,000, this property sold for full price in zero days. The in-office sale required no exposure to the MLS. The condo offers 2,014 square feet, a finished basement, 3 bedrooms, 2.5 baths, and a 2-car garage.

515 N. Fifth Condos

Unit 1, 515 N. Fifth St: Listed for $1,790,000, this unit sold for $1,780,000 in just 8 days. It features 2,306 square feet, a finished basement, 3 bedrooms, 3.5 baths, and a 2-car garage.

Liberty Lofts

Two sales closed in this popular building:

Unit #513: This 1,382-square-foot penthouse with 2 bedrooms, 1 bath, and a 1-car garage hit the market at $740,000. It sold for full price in 11 days.
Unit #510: Listed by The Bouma Group for $939,000, this 1,826-square-foot penthouse (2 bedrooms, 2 baths, 1-car garage) sold for full price in exactly 1 day.

Ashley Terrace Condos

111 S. Ashley #406: Listed for $499,900, this unit sold for $490,000 in 11 days. The condo features 803 square feet, 1 bedroom, 1 bath, and a 1-car garage.

Navigate the Market with Confidence

In a shifting market, you need the most accurate, up-to-date information to make the best financial decisions. If you are thinking of selling, current low inventory makes this an excellent time to list your property.

The Bouma Group maintains a firm grasp on the dynamics of the Downtown Ann Arbor condo market. We closely track upcoming projects and monitor incoming inventory before it hits the broader market.

We would consider it a privilege to work with you. To discuss your real estate goals, call our office at 734-761-3060. You can also visit us at our downtown location at the corner of S. Main and Madison. For real-time updates on the Ann Arbor condo market, check out condohotline.com or bouma.com.

Secure Your University of Michigan Student’s Ann Arbor Condo: Why Early Planning Pays Off

Your Guide to Buying a University of Michigan Condo for Fall

Fall classes at the University of Michigan might seem months away, but the timeline to secure the perfect student housing is much shorter than you think. If you plan to buy a condo for the upcoming academic year, waiting until summer will leave you scrambling. The Ann Arbor real estate market moves quickly, and the best properties go to buyers who prepare early.

By starting your preparations right now, you position yourself to grab the ideal property as soon as it hits the market. This guide covers why early preparation matters, what the upcoming spring market means for your search, and the exact steps you need to take to get ready.

Why You Need to Prepare Now

Securing a condo before the fall semester requires a strategic head start. Real estate transactions take time. Between getting pre-approved for a mortgage, hunting for the right property, negotiating an offer, and closing the deal, the entire process can take several months.

If you wait until June or July to start looking, you risk running into tight deadlines. A delayed closing could mean paying for a temporary hotel or moving belongings multiple times. By starting your preparations now, you give yourself a comfortable buffer to handle any unexpected delays. You also give yourself the luxury of time to explore different neighborhoods, compare building amenities, and make an informed decision without the pressure of a looming move-in date.

The Spring Market Advantage

The real estate market operates on a distinct seasonal cycle, and Ann Arbor is no exception. While the winter months usually see lower inventory, the spring market is right around the corner. Spring is traditionally the busiest time for real estate, bringing a surge of new condo listings to the area.

Many current students and property owners wait until the end of the academic year approaches to list their condos. This means a wave of fresh inventory will hit the market soon. If you have your finances and strategy organized before this influx of properties arrives, you can act immediately when the right condo becomes available. Buyers who wait until the spring to begin their preparations often miss out on the best units because other, more prepared buyers beat them to the punch.

Steps to Get Ready for Your Condo Search

Taking action now ensures you are ready to strike when the spring inventory arrives. Follow these essential steps to set yourself up for a successful purchase.

1. Organize Your Finances

Your first step is understanding your buying power. If you plan to finance the condo, connect with a mortgage lender to get pre-approved. A pre-approval letter shows sellers that you are a serious, qualified buyer, which is crucial in a competitive market.

If you plan to pay in cash, gather your proof of funds. You should also outline your budget for closing costs, homeowners association (HOA) fees, property taxes, and potential renovations or furnishings. Knowing your exact budget helps narrow down your search and prevents you from falling in love with a property outside your price range.

2. Define Your Must-Haves

Sit down with your student and determine what features are most important. Consider how close the condo needs to be to specific campus buildings, the medical center, libraries, or bus routes. Think about the building amenities that matter most. Do you need secure parking, on-site laundry, or a fitness center?

Make a list of non-negotiable features and a separate list of nice-to-have bonuses. This clarity will make your property search much more efficient and help your real estate agent find the best matches for your needs. Check out our condo complex map.

3. Partner with a Local Expert

Navigating the Ann Arbor condo market requires insider knowledge. You need a real estate partner who understands the nuances of different condo communities, the rules of local HOAs, and the true market value of these properties. Connecting with an agent now allows them to start monitoring the market on your behalf and alert you the moment a suitable property is listed.

The Bouma Group Difference

When it comes to the downtown Ann Arbor condo market, no one knows it better than The Bouma Group, Realtors. We have decades of experience helping parents and students find the perfect home base near the University of Michigan.

We understand the unique needs of student housing and the specific dynamics of the local market. Our unparalleled expertise means we can guide you toward the best investments, negotiate strongly on your behalf, and ensure a smooth closing process before the fall semester begins. We keep our finger on the pulse of the market so you never miss an opportunity.

Get Started Today

The spring market will be here before you know it. Take the stress out of your fall housing search by taking the first step today.

Contact us at The Bouma Group, Realtors to request our latest condo report and discuss your specific needs. Reach out to us at 734-761-3060 or email us at info@bouma.com. Let our team help you secure the ideal Ann Arbor condo so you can focus on a successful academic year ahead.

Why Pre-Approval Is More Important Than Ever This Spring

Spring is here, and so is the busiest season in real estate. More buyers are out looking for homes, which means more competition for you. If you want to put yourself in the best position to buy, there’s one step you can’t afford to skip, and that’s getting a pre-approval letter for a mortgage.

Some buyers think they can wait until they’ve found a home they love before talking to a lender. But in a season where homes can sell fast, that’s a risky move. Getting pre-approved before you start your search is a much better bet.

Here’s what you need to know about this early step in the buying process.

What Is a Pre-Approval Letter?

Pre-approval gives you a sense of how much a lender is willing to let you borrow for your home loan. To determine that number, a lender starts by looking at your financial history. Here are some of the things that can have an impact, according to Yahoo Finance:

Your debt-to-income (DTI) ratio: This is how much money you owe divided by how much money you make. Usually, you can borrow more if you have a lower DTI.
Your income and employment status: They’re looking to verify you have a steady income coming in – that way they feel confident in your ability to repay the loan.
Your credit score: If your score is higher, you may qualify to borrow more.
Your payment history: Do you consistently pay your bills on time? Lenders want to know you’re not a risky borrower.

After their review, you’ll get a pre-approval letter showing what you can borrow. Having this peace of mind is a big deal – it helps you feel a lot more confident in your ability to get a home loan. And the fringe benefit is it can also speed up the road to closing day because the lender will already have a lot of your information.

It Helps You Figure Out Your Budget

Spring is a competitive season, and emotions can run high if you find yourself up against other buyers. Having a firm budget in mind is so important. You don’t want to get too attached and end up maxing out what you can borrow. As Freddie Mac explains:

“Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”

So, use this time to really buckle down on your numbers. And be sure to factor in other homeownership costs – like property taxes, insurance, and maybe even homeowner’s association fees – so you know what you can comfortably afford.

Then, partner with your agent to tailor your search to homes that match your budget. That way, you don’t fall in love with a condo or house that’s out of your financial comfort zone.

It Helps Your Offer Stand Out During the Busy Season

Spring buyers aren’t just competing for homes. They’re competing for the seller’s attention, too. And a pre-approval letter can help you stand out by showing sellers you’ve already gone through a financial check. Zillow explains it like this:

“Having a pre-approval letter handy while you’re shopping for a home can also help you act quickly once you’ve found a home you love. The letter shows potential sellers that you’re a serious buyer who has the financial means to close on the home. In a competitive market, an offer with a pre-approval letter attached will stand out among other offers that don’t include one — increasing the chances of your offer being accepted.”

That means when sellers are choosing among multiple offers, yours could rise to the top simply because you’ve already taken this step.

And here’s one final tip for you. After you receive your letter, avoid switching jobs, applying for new credit cards or other loans, co-signing for loans, or moving money in or out of your savings. That’s because any changes to your finances can affect your pre-approval status.

Bottom Line

If you’re thinking about buying a home this spring, getting pre-approved should be your first move. It’ll help you understand your budget, show sellers you’re serious, and keep you from falling in love with a house that’s out of reach. Talk to a lender to get started, we have a list of trusted people we’ve worked with that we’d be happy to share. To get started on your condo or home buying journey, contact us today at The Bouma Group, Realtors at 734-761-3060 or info@condohotline.com. Search for Ann Arbor area condos here!

Have You Considered Adding Condos to Your Home Search?

Reasons To Consider Condos in Your Home Search

Are you having trouble finding a home that fits your needs and your budget? If so, you should know there’s an option worth considering – condominiums, also known as condos. According to Bankrate:

“A condo can be a more affordable entry point to homeownership than a single-family home. And as a homeowner, you’ll build equity over time and have access to tax benefits that a renter wouldn’t.”

That’s why expanding your search to include additional housing types, like condominiums, could help you accomplish your homeownership goals this spring, especially if you can be flexible about the space you need. Condos are typically smaller than a single-family home, but that’s part of what can make them more budget-friendly (see graph below):

In addition to providing more options in your home search and possibly your price point, there are several other benefits to condo living. They tend to require less upkeep and lower maintenance – and that can give you more time to spend doing the things you enjoy. Plus, since many condos are in or near city centers, they offer the added benefit of being in close proximity to work and leisure.

Condo Price vs. Home Price in the Ann Arbor Area

In the Ann Arbor Area, we are seeing the median sales price a bit lower than nationally. For sales in 2023 Year to Date, condos have a Median Sales Price of $269,500 vs. $350,000 for Single Family Homes.

Remember, your first home doesn’t have to be your forever home. The important thing is to get your foot in the door as a homeowner so you can start building wealth in the form of home equity. In time, the equity you develop can fuel a future purchase if your needs change.

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

Bottom Line

It could make a lot of sense to add condos to your home search. Let’s connect today at 734-761-3060 or info@condohotline.com if you’re ready to check out the options in the Ann Arbor area!

Ann Arbor Condo Report – March 2019

Spring Inventory Sees a Spike

If you’re looking to buy an Ann Arbor condo, now is the time to do so! There has been a large increase in new listings, from 69 units to 90, resulting in a 30% increase. Further, listing prices have also experienced a 13.2% drop from $377,729 to $327,774 this past month. Unfortunately new inventory has been slower to exit the market, with only 29 condos selling comparative to the 35 last March – a 17% decrease. Unfortunately, the average days on the market is 52 days, a massive 160% rise. There has been a 9% increase in selling prices though, $278,132 versus $303,492.

Looking at the year-to-date statistics, there has been 171 units sold since last March, a 9% increase from the 147 the previous year. Cumulatively, the average listing price is $337,421, which is a 8% in comparison to $367,749 to the year prior. Thus far, 99 condos have been sold and last year 80 were sold at this time – a 23.7% increase. There was a 3.7% in the ASP from $288,887 to $300,060.

Whether you are looking to buy a condo or are considering selling, contact the condo specialists with The Bouma Group at (734)761-3060 or email info@condohotline.com. Stay up-to-date on all of your Ann Arbor condo needs by checking back here!

5 Reasons to Sell Your Condo the Spring!

Here are 5 compelling reasons listing your condo for sale this spring makes sense.

1. Demand Is Strong

The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home or condo.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners are granted the freedom to move.

Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you to decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 47 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 4.6% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

If you’re ready to find out what your condo is worth and what you need to do to get it sold, contact us, the condo specialists at 734-761-3060 or info@condohotline.com today!

Get Prepared to Spring Ahead of the Condo Competition!

Spring brings two things: more buyers & more sellers! Get prepared now to stand out in the crowd!

Whether you plan on buying or selling an Ann Arbor Condo, contact the real estate specialists with The Bouma Group to get the answers you need! 888-581-6923 or info@bouma.com.