Ann Arbor, MI housing market

Ann Arbor home values are up three percent this year, yet one in five sellers is cutting their price. Here is what that split means if you are weighing a sale this fall. Start with the headline. The typical Ann Arbor home is now worth about five hundred forty thousand dollars, up three percent from a year ago. That sounds like a strong seller's market. But look at how homes are actually moving. The median home is sitting for forty-one days before going under contract, and about twenty-one percent of active listings have already cut their price. That is roughly one in five sellers admitting their first number was too high. Supply is building too. There are about 450 homes for sale right now, and only 176 new listings came on this past month, so homes are piling up faster than buyers are taking them down. And here is the catch that ties it all together: the median list price is around four hundred seventy-nine thousand dollars, well below that typical value. The homes actually selling sit at the more affordable end, while higher-priced listings are the ones sitting and cutting. So if you sell, price at or just under the market from day one, because the sellers who overprice lose weeks first. To see what your home is worth right now, get a free estimate at Home Value Pros dot com.