Ann Arbor, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Ann Arbor, MI Housing Market Trends

With 119,980 people, 47,765 houses or apartments, and a median cost of homes of $422,801, Ann Arbor house prices are not only among the most expensive in Michigan, Ann Arbor real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Ann Arbor, accounting for 41.42% of the city's housing units. Other types of housing that are prevalent in Ann Arbor include large apartment complexes or high rise apartments ( 37.72%), duplexes, homes converted to apartments or other small apartment buildings ( 11.19%), and a few row houses and other attached homes ( 9.15%).

People in Ann Arbor primarily live in small (one, two or no bedroom) single-family detached homes. Ann Arbor has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Ann Arbor built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Ann Arbor built between 1940-1969 ( 35.78%). A lesser amount of the housing stock also hails from before 1939 ( 15.56%). There's also some housing in Ann Arbor built between 2000 and later ( 9.94%).

Ann Arbor Home Appreciation Rates

In the last 10 years, Ann Arbor has experienced some of the highest home appreciation rates of any community in the nation. Ann Arbor real estate appreciated 71.10% over the last ten years, which is an average annual home appreciation rate of 5.52%, putting Ann Arbor in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Ann Arbor definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Ann Arbor appreciation rates have trailed the rest of the nation. In the last twelve months, Ann Arbor's appreciation rate has been 3.62%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ann Arbor were at 1.75%, which equates to an annual appreciation rate of 7.17%.

Relative to Michigan, our data show that Ann Arbor's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Ann Arbor differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ann Arbor - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Ann Arbor real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$422,801

Ann Arbor, MI HOME PRICES

> $1,186,000
4.2%
4.2%
$890,001 - $1,186,000
4.6%
4.6%
$593,001 - $890,000
15.0%
15.0%
$474,001 - $593,000
13.6%
13.6%
$356,001 - $474,000
23.9%
23.9%
$238,001 - $356,000
20.8%
20.8%
$119,001 - $238,000
12.5%
12.5%
$60,001 - $119,000
3.3%
3.3%
$0 - $60,000
2.1%
2.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MI

Value Relative To Nation

Number Of Homes And Apartments:
47,765

Ann Arbor Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
72.02% 2.62%
10
5
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,726 / per month

Homeownership Rate

Owners
40.5%
40.5%
Renters
59.5%
59.5%
Vacant
6.1%
6.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
9.9%
9.9%
1970 - 1999
38.7%
38.7%
1940 - 1969
35.8%
35.8%
1939 or Older
15.6%
15.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
41.4%
41.4%
Townhomes
9.1%
9.1%
Small Apt. Buildings
11.2%
11.2%
Apt. Complexes
37.7%
37.7%
Mobile Homes
0.5%
0.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.7%
3.7%
1 Bedroom
17.4%
17.4%
2 Bedrooms
32.7%
32.7%
3 Bedrooms
25.8%
25.8%
4 Bedrooms
15.3%
15.3%
5 or more bedrooms
5.0%
5.0%
0.0% 100.0%
% OF HOMES