The Ann Arbor real estate market continues to showcase its dynamic nature as we analyze the numbers from the third quarter of 2024. This period has been a rollercoaster of activity, with changes in inventory, sales, and pricing that are sure to catch the eye of home buyers and local residents alike.
A Comparative Look at 2023 vs. 2024
Inventory and Sales Activity
New Listings:
Q3 2024 saw 326 new single-family home listings within the Ann Arbor school district, a decrease of approximately 7.6% from the 353 homes listed during the same period in 2023.
Pending Sales:
There were 191 pending sales in Q3 2024, a notable drop of approximately 34.1% from the 290 pending sales recorded in Q3 2023.
Closed Sales:
239 homes successfully closed in Q3 2024, marking a decrease of approximately 19.3% compared to the 296 closures in the previous year.
Market Dynamics:
Average Days on Market:
Homes in 2024 spent an average of 28 days on the market, a substantial improvement with a 34.9% reduction from the 43 days seen in 2023, suggesting quicker turnover and higher buyer interest.
Median and Average Sale Prices:
The median sale price rose to $584,983 in 2024, an increase of approximately 9.7% over 2023’s $533,330. Similarly, the average sale price climbed to $650,162, up by 5.5% from $615,996 last year.
These statistics indicate a strong seller’s market, with quicker sales and rising prices reflecting heightened demand despite fewer listings.
Spotlight on Notable Sales
The Most Expensive Home Sold:
3093 Fleming Lake Drive
- This luxurious property fetched $2,100,000 on July 30, 2024.
- Built in 2017, this 3,147 square-foot residence boasts 5 bedrooms and 5.1 baths, set on a sprawling 4-acre lot.
Median-Priced Gem:
1815 Arbordale
- Sold for $584,080 on August 6, 2024.
- A charming mid-century home built in 1957, offering 3 bedrooms, 2 full baths, and covering 1,777 square feet on a .21-acre lot.
Best Value Buy:
2110 Champagne Drive
- This full rehabilitation project was the least expensive sale at $100,000, closing on August 21, 2024.
- Built in 1971 with 864 square feet, it features 3 bedrooms and 1 full bath on a .21-acre plot.
Market Highlights
The diversity in the Ann Arbor housing market is evident with:
- 29 homes selling for over $1,000,000.
- 14 homes closing at or below $300,000, showcasing opportunities for first-time buyers and investors alike.
For home buyers and sellers in Ann Arbor, the data from Q3 2024 underscores both opportunities and challenges. For sellers, the quicker turnaround time and rising sale prices spell good news, with strong demand allowing them to secure favorable outcomes. This seller-favorable climate suggests that homeowners considering selling may find it an ideal time to list their properties. Conversely, for buyers, the market’s competitive nature means acting swiftly and decisively is crucial. With decreased inventory, navigating the market successfully can be challenging, yet the presence of homes across various price points indicates that opportunities still exist for those ready to make a move. Collaborating with an experienced real estate agent can offer invaluable guidance in this dynamic environment, ensuring that both buyers and sellers can capitalize on the current market trends.
Conclusion
In summary, the Ann Arbor real estate market in Q3 2024 presents a robust landscape with quicker sales and rising prices. Whether you’re looking to buy, sell, or simply stay informed, it’s clear that the market dynamics continue to favor sellers, with ample opportunities for buyers who are ready to act quickly.
For tailored advice and personalized service in navigating this vibrant market, contact us at The Bouma Group, Realtors at 734-761-3060 or info@bouma.com. Your dream home could be just around the corner!