Sales Prices Rise Higher but Fewer Sales in Ann Arbor Housing Market for 2018
The Ann Arbor area housing market saw housing prices continue to rise in 2018 compared to 2017. The average sales price of single family homes in 2018 was $321,737, a 6.2% increase over the average sales price in 2017. December 2018 saw a 1.5% increase in the average sales price of single family homes, with an average of $302,373, compared to $297,785 in December 2017. Condominiums sold at an average of $254,051 in 2018, 13% higher than the $224,818 average sales price of 2017.
Average listing prices were up for both single family homes and condominiums in 2018. The average list price of single family homes in 2018 was $326,374-up 6.2% from 2017-and the average list price of condominiums in 2018 was $256,318-up 13.3% from 2017.
The number of new listings year-to-date was up 2% from 2017, with a total of 5,789 new residential listings in 2018. In December 2018, the number of total new residential listings was up 10.6%, with 198 new listings compared to 179 in December 2017. Residential sales were down 14.5% in December 2018 compared to December 2017, and year-to-date, there were 7.1% fewer total residential sales overall compared to 2017.
Despite sales slowing towards the end of 2018, the housing market is predicted to have a good year in 2019. According to research from CoreLogic’s Home Price Index, home prices are expected to appreciate by 4.8% in 2019 and interest rates are expected to rise.