Ann Arbor, Michigan, has always been a vibrant real estate market with its diverse neighborhoods, strong school district, and thriving local culture. The year 2024 was no different, showcasing a wide range of home sales that cater to every budget and need. Whether you’re a potential homebuyer, a local resident curious about market trends, or a homeowner wondering about current values, this breakdown of Ann Arbor home prices will provide key insights.
2024 Ann Arbor Real Estate Snapshot
A total of 848 single-family homes sold within the Ann Arbor School District in 2024. Here are some key takeaways from the data:
- Average sale price: $657,458
- Median sale price: $560,100
- Median price per square foot: $318
- Average days on market: 30
Now, let’s dig into the homes that define the extremes and median of this year’s housing market.
The Most Expensive Home Sold in Ann Arbor in 2024
The pinnacle of luxury in Ann Arbor was a stunning property located in the prestigious Ann Arbor Hills neighborhood. This home, at 1389 Towsley Lane, sold for an incredible $2,650,000. Sold by The Bouma Group, Realtors
Key Features:
- Square Footage: 9,963 sq. ft.
- Bedrooms: 5
- Bathrooms: 6 full, 2 half
This jaw-dropping estate represents the height of luxury living in one of Ann Arbor’s most sought-after neighborhoods, combining expansive space and elegant design with proximity to the University of Michigan campus and hospitals, and charming downtown spots.
The Average Sale Price Home
Located in Scio Hills, 1555 Coventry Square is a glimpse of the average Ann Arbor home purchased in 2024, selling for $656,000.
Key Features:
- Square Footage: 2,869 sq. ft.
- Bedrooms: 5
- Bathrooms: 3 full, 1 half
This home blends functionality with space for growing families, offering ample room while maintaining a welcoming suburban charm.
The Median Sale Price Home
Falling right in the middle of Ann Arbor’s housing market was 4998 Ridgeside Circle, located in the Fleming Creek subdivision, with its sale price of $560,000.
Key Features:
- Square Footage: 2,403 sq. ft.
- Bedrooms: 3
- Bathrooms: 2 full, 1 half
This property exemplifies the quintessential family home with its blend of updates, space, and convenience in one of Ann Arbor’s vibrant neighborhoods.
The Least Expensive Home Sold in Ann Arbor in 2024
Proof that Ann Arbor also offers opportunities for more budget-conscious buyers, the least expensive home sold was 2110 Champagne Drive in the Arbor Oaks subdivision, which closed at $100,000.
Key Features:
- Square Footage: 864 sq. ft.
- Bedrooms: 3
- Bathrooms: 1 full
This rehab home represents affordability in Ann Arbor, providing an excellent opportunity for first-time buyers or those looking to put in some elbow grease.
Trends in the Ann Arbor Housing Market 2024
1. Strong Demand and Quick Turnaround
The average 30 days on market highlights an active market with homes selling relatively quickly, a sign of consistent demand.
2. High Price Per Square Foot
With a median price of $318 per square foot, Ann Arbor homes are quite valuable, reflecting its desirable location, excellent schools, and dynamic community.
3. Accessibility Across Budgets
From a $100K starter home to a $2.65M luxury estate, Ann Arbor offers something for everyone, making it a diverse and flexible market for all types of buyers.
What Does This Mean for Buyers and Sellers?
For Buyers:
If you’re considering entering the Ann Arbor market, it’s essential to be prepared. Homes move quickly, and price points cover a wide spectrum. Whether you’re looking for a charming starter home or a high-end luxury property, understanding the market trends is key to making informed decisions.
For Sellers:
With an average sale price of $657,458 and homes selling in about a month, Ann Arbor is an excellent market for those looking to sell. Ensure your home is well-prepped to maximize value—price it strategically and highlight its unique features to stand out in this competitive market.
Final Thoughts
The Ann Arbor housing market in 2024 reflects the city’s broad appeal, offering options for everyone from first-time homebuyers to luxury seekers. Whether you’re buying, selling, or simply staying informed, the data highlights why Ann Arbor is such a great place to call home.
If you’re ready to explore the Ann Arbor real estate market, contact us today at The Bouma Group, Realtors to get started. Whether you’re looking to buy your dream home or sell your current property, we’re here to guide you every step of the way! 734-761-3060 or info@bouma.com.