March 2024 Real Estate Market Report Update for Ann Arbor and Surrounding Areas

Welcome to the March 2024 edition of the Ann Arbor Real Estate Market Report, offering a comprehensive view of the latest trends and patterns in this vibrant real estate scene. This report specifically focuses on the areas of Ann Arbor, Saline, Dexter, and Plymouth/Canton. Let's take a look at the numbers!

Property Types and Insights

The Ann Arbor real estate market is a fascinating area with unique micro markets, each offering distinct amenities and price points. This report aims to unravel the patterns and trends in this real estate segment and provides a clear overview of market trends and detailed data for in-depth analysis.

Locally, we've seen some changes in inventory levels over the last twelve months. There were a total of 1,782 properties sold in Ann Arbor and Surrounding Areas, 1,391 of those being single family homes. The average price to purchase a single family home in the Ann Arbor area is currently $599,321.

Let’s break it down further by area to better understand how these numbers affect the local market!

Market Insights: Ann Arbor

Ann Arbor is a vibrant city known for its intellectual energy and natural beauty, home to the University of Michigan. The city offers a rich cultural and educational environment, a charming downtown, and various parks and nature trails​. Over the past twelve months, 820 properties sold here at a median price of $564,700, translating to $279 per square foot. My market report includes area-specific pages, where you'll be able to compare numbers for Ann Arbor and other areas to the last five years. These numbers will be interesting to both buyers and sellers!

Real Estate Trends in Saline

Located southwest of Ann Arbor, Saline is known for its small-town atmosphere and friendly residents. It boasts excellent schools, beautiful parks, and a peaceful, close-knit environment, making it an attractive choice for families. The median sold price for single-family homes stands at $454,100 with a price per square foot of $221.

Dexter: A Closer Look

A charming community northwest of Ann Arbor, Dexter is known for its scenic beauty and small-town charm. With highly regarded schools and outdoor activities, it provides a tranquil setting close to Ann Arbor's amenities. The median price for properties here was $540,000, with 110 homes sold at a median sold price per square foot of $236.

Property Trends in Plymouth/Canton

This area offers suburban comfort with convenient access to urban amenities. Known for its excellent schools and family-friendly atmosphere, it features charming downtown areas, parks, and recreational facilities. The median sold price in this area was $435,000 with a median price per square foot at $210, and 593 properties sold over the last twelve months.

What Does This Mean For You?

Whether you are a buyer or a seller, understanding these market dynamics is crucial for making informed decisions. The Ann Arbor real estate market continues to be a dynamic and diverse area, offering a range of properties to suit different lifestyles.

For personalized insights and assistance in navigating this dynamic market, feel free to reach out to me at (734) 707-6931 or via email at [email protected]. I value your feedback and welcome any questions or comments you may have. Please don't hesitate to reach out for assistance!

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