Ann Arbor Home Prices Are Holding. Overpricing Is Getting Expensive.

Ann Arbor home prices held steady in September 2026. What changed is how much buyers will pay per square foot and how rarely they bid over asking. If you are pricing a home this fall, that difference is worth real money.

Here is what closed in the Ann Arbor Public Schools attendance area in September 2026, measured against the same month in each of the last three years. Local figures come from our own MLS data, not a national estimate; where we cite the national market, it is sourced.

The month at a glance

• 110 homes closed, at a median price of $455,000
• Median $261 per square foot
• Median 28 days on market; 39% sold within two weeks
• Sellers netted 98.9% of asking price, and 97.1% of their original asking price
• 436 homes available and 123 already under contract, which is about 4.0 months of supply — a balanced market, neither a shortage nor a glut

Four Septembers, one clear trend

Look at the last column. In 2023, 42% of sales closed above the asking price. This September, it was 25%, the lowest of the four. Median price per square foot slipped to $261 from $286 last September, and sellers netted 97.1% of their original asking price, the weakest September of the four.

Single-family prices are holding. The median house sold for $554,250, against $550,000 a year ago. But buyers have stopped bidding blind. They come in informed, take their time, and negotiate. They are still buying; they just stopped overpaying on instinct.

The most expensive mistake a seller can make

We pulled every sale from the month and split it into two groups: homes that never changed their asking price, and homes that cut it.

• Homes that never cut: sold in a median 11 days, at 100.0% of the original asking price
• Homes that cut the price: took 62 days, and still settled for 93.4%

Same market, same month. The difference between those two outcomes, on a $455,000 home, is roughly $30,057 — plus 7 extra weeks of showings, and mortgage payments on a house you have already mentally moved out of.

And there is a harder number behind it. The share of Ann Arbor listings that come off the market without selling and never return has climbed from 6% in 2023 to 17% last year. Those listings sat a median 78 days, and 40% of them had already tried cutting the price before giving up. Reducing late rarely rescues a listing. The first three weeks decide the outcome.

Why “new to market” is not always new

Here is something worth knowing as a buyer, and worth being honest about as a seller. When a listing does not sell, it can be cancelled and re-entered as a brand-new listing. The days-on-market counter goes back to zero, the portals treat it as a fresh arrival, and it lands in your saved-search email as if it just came up. About 44% of cancelled Ann Arbor listings come back that way, a median 38 days later.

So we checked what actually happens to those homes. Across 493 sales that failed once and returned, the home eventually sold for a median 92.1% of what it first asked, after 145 total days on the market across both attempts. Homes priced correctly on the first try sold for 100.0% of asking in 19 days.

A new listing number resets the clock buyers see. It does not reset the price the market is willing to pay. And this is becoming more common, not less: 13% of this year's sales had a failed attempt behind them, up from 3% in 2023.

If you are buying, ask how long a home has really been for sale, not what the listing says. We check the full history on any home before you write an offer — it is often the difference between paying asking and negotiating from a position of knowledge.

Houses and condos are no longer the same market

For years you could quote one Ann Arbor number and be roughly right about both. Not anymore.

• Single-family homes: 64 sales, median $554,250, $275 per square foot, 26 days on market
• Condominiums: 46 sales, median $297,450, $244 per square foot, 33 days on market

Price per square foot fell for both from last September: single-family 6.7% and condominiums 7.4%. Condos took longer to sell (33 days against 26), and only 20% closed above asking. Condominium sellers are also cutting price more often (41% of closed sales, against 28% for houses).

If you own a condominium, the practical takeaway is to price against current condominium sales in your own association or a comparable one — not against the district-wide headline, and not against what your neighbor got in 2024.

Where you are still matters

The spread is wide. 48108 (south Ann Arbor and Pittsfield) was the fastest corner of the district this month, selling in a median 11 days at 99.0% of asking with 2.7 months of supply. 48105 (north and northeast) carries the most inventory relative to sales, at 8.3 months. 48104 commands the highest price per square foot at $318, though that ZIP is really two markets: its houses sold at a $473,500 median in 34 days, while its mostly small downtown condominiums sold at $290,000 in 41 days and $282 per square foot. That condominium price per foot is what lifts the ZIP's headline number. 48103 (west Ann Arbor and Scio Township) was the busiest, with 37 sales at 99.1% of asking.

Price range changes the math too

The middle of the market is the tightest: 3.2 months of supply between $300,000 and $500,000, where homes closed in a median 28 days. The top end is where buyers have the most choice, with 8.8 months of supply between $750,000 and $1 million (only 4 sales this month) and 6.8 months above $1 million.

How this compares with the country

The national news this month was about jobs. The U.S. added only 29,000 jobs in September. Unemployment rose to 4.2%, and wage growth slowed to 3.1%, the weakest in five years. National Association of REALTORS® chief economist Lawrence Yun said mortgage rates “could see slight relief after brutal rises over the past month.”

For Ann Arbor, that cuts both ways. Lower rates would bring some buyers back this fall. A softer job market can also make the buyers who are already out there more careful. Neither one rescues a listing priced above the market. If rates do ease, the homes that benefit first are the ones already priced right.

What this means for you

If you are selling

Price it correctly the first week. 48% of the homes currently for sale in the district have already reduced their price, by a median 5.4% — and those reductions are mostly not working. Relisting later, as the numbers above show, costs more than it recovers. Get the comparable sales right, in your own price range and your own property type, and let the first fourteen days do the work.

If you are buying

You have more room than buyers had three years ago. 75% of sales closed at or below asking price this September, and 242 of the homes currently listed have been available more than sixty days. Inspection contingencies and negotiated repairs are realistic again. Homes that have been sitting are where the leverage is — especially condominiums.

If you are just watching

Prices in the Ann Arbor school district are holding. What has normalized is the process: fewer bidding wars, more negotiating, and 4.0 months of supply heading into fall.

Want your own numbers?

District-wide medians are a starting point, never an answer. The right price for your home depends on your street, your price range, your property type, and the condition of the three closest comparable sales. That is a conversation, and we are glad to have it with no obligation.

Call 734-302-3011, or reach out here, and we will put together an honest assessment of what your home would do in this market.

Data source: Trillium Real Estate analysis of MLS residential listings and sales in Ann Arbor Public Schools attendance areas, with data through the end of September 2026 (110 closed sales; inventory as of the early-October MLS pull), with multi-year comparisons drawn from our matching all-status export back to January 2023. National figures: NAR Realtor News / SmartBrief, “Yun: Weak jobs report could ease mortgage rates,” Oct. 5, 2026 (Bureau of Labor Statistics September jobs data). Months of supply reflects current inventory against sales in the reporting month. Statistics are provided for informational purposes and are not an appraisal or a guarantee of value. Equal Housing Opportunity.