July 14, 2024 Donate

Chelsea, Chelsea Anouncements, Community

How Much Have Property Values Increased in Chelsea, Dexter, and Saline?

By Jeff Roth, www.arboradvising.com

How Have Property Values Changed Year-To-Date?

As of August 2023, the most recent sales data from the Ann Arbor Area Board of Realtors the median price of a single-family home was up 6% year-to-date to $425,000 in Washtenaw County. Using the median value is a fairer way to gauge home prices as high priced outliers can skew the average.

Median values of townhouses and condos were up 4.9% to $294,500 in Washtenaw County.

Let’s look at how each community is performing year-to-date.

What Is Continuing to Drive Prices Higher This Year?

Clearly, inflation is a factor with the Consumer Price Index up 3.7% in August compared to a year ago.

The inventory of homes for sale is down 35.6% for single-family homes and 45.3% for townhomes/condos respectively.

Washtenaw County is still a desirable place to live and the economy is strong producing good paying jobs and attracting people to move to the area.

Even interest rates at decade highs at 7.49% for a 30-year mortgage isn’t slowing price growth which puts further pressure on affordability.

How Was the Market In Chelsea, Dexter, and Saline for August?

Let’s compare the last two months of available sales data.

How Did The Sales Data Compare From July to August 2023?

New listings trended lower for all three communities, days on market trended up, and median sales prices were mixed.

We will have to see how prices trend through the traditionally slower fall selling season with interest rates and inventory levels.