I grew up in Michigan and attended UM for ten years. After moving to California for residency training, I’ve spent the past decade there. Now that my training is complete, I’m contemplating a return to Ann Arbor. Recently, I’ve been browsing Zillow and I’m quite surprised by what I’m seeing in the housing market. There are very few houses for sale, and those that are available seem to be priced outrageously compared to what you get (and that’s coming from someone who’s lived in the Bay Area for a decade!). It’s clear things have changed drastically since I last lived here. While I expected prices to rise due to inflation and the national real estate boom, the scarcity of listings and disproportionate price increases in Ann Arbor are unexpected. How long has this been the case, and what’s driving this trend?
The trend of fewer listings and higher prices in Ann Arbor’s housing market has been noticeable for a while now, likely driven by low mortgage rates, increased migration, and shifts in remote work preferences.
Factors driving this trend include population growth, job opportunities, and lifestyle appeal. The allure of Ann Arbor’s vibrant community, excellent schools, and proximity to nature fuels demand. However, it’s essential to navigate this competitive market wisely!
Ann Arbor has experienced a shortage of available homes for sale. This scarcity of listings can drive up prices as demand exceeds supply.
Ann Arbor’s appeal as a college town with cultural amenities, excellent schools, and a vibrant community attracts both residents and investors. This demand can lead to competitive bidding and higher prices.