Here’s how high home prices are in Ann Arbor
This story is part of a series exploring how the rising cost of living is changing the city of Ann Arbor and surrounding areas. Stories on this topic will be published throughout the week.
ANN ARBOR, MI – When a new 240-home subdivision was built near the North Campus of the University of Michigan in Ann Arbor in the 1960s, it was the latest in modern living.
Elegant three- and four-bedroom ranch and multi-level homes can be had for $15,900 to $21,500, including a 1,747-square-foot three-level model for $18,900.
If Ann Arbor home prices had risen only at the rate of inflation, their value today would be about $163,000 to $220,000. But now they are seeking hundreds of thousands of additional dollars in a market where supply is not keeping up with demand.
The median price of a single-family home across the Ann Arbor school district has risen to new heights — well above $600,000, according to the latest market reports.
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Because wages are not rising as quickly, housing affordability in the Ann Arbor area has been trending steadily downward for more than a decade and is now at a new low point.
As of April, a median-income family in Washtenaw County no longer qualifies for a median-priced single-family home under prevailing interest rates, and it’s getting worse, according to the Ann Arbor Area Board of Realtors.
That generally means homes are now unaffordable at local wages, said Tom Renkert, CEO of the brokerage group.
But with limited market supply and high demand, homes still sell quickly and are usually above the asking price for buyers with sufficient funds.
Based on sales through July 2023, here’s a look at how Ann Arbor prices have risen since 2010 and how they compare to surrounding communities like Dexter, Chelsea, Manchester, Milan, Saline, Lake Whitmore and Ypsilanti, as well as how Washtenaw compares to surrounding areas. Counties.
To read more about affordability issues in Ann Arbor and Washtenaw County, click here.
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