Washtenaw County Housing Update Q1

Single family inventory remains tight down 8% from the prior month and 39% from last year. Closed units are back on the rise up 17% month over month after reaching a two year low in January. Despite inventory issues, demand remains intense with 53% more new pendings last month than the same month last year. Buyer competition continues to lift values—YTD average sale price jumped 16% and price per square foot 14%. Expect a similar pattern of sales and value growth in 2022 as shown in the chart above for 2021. New buyers and carryover buyers from last year have picked over current listings and are waiting to jump on the best new ones as they arrive. An intense first half will settle, as it did last year, when inventory quality tails off.

Want more details? Read the full Washtenaw County Housing Report.

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MI Home Team