The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List. New Listings decreased 5.6 percent for Single Family homes and 1.4 percent for Townhouse/Condo homes. Pending Sales increased 34.5 percent for Single Family homes and 94.2 percent for Townhouse/Condo homes. Inventory decreased 51.9 percent for Single Family homes and 48.5 percent for Townhouse/Condo homes. Median Sales Price increased 8.3 percent to $340,000 for Single Family homes and 12.0 percent to $252,000 for Townhouse/Condo homes. Days on Market decreased 41.4 percent for Single Family homes and 51.8 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 62.9 percent for Single Family homes and 60.5 percent for Townhouse/Condo homes. In new construction, homebuilders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.

The “Monthly Housing Statistics” published each month by the Ann Arbor Area Board of REALTORS® represent the housing activity of the Multiple Listing Service and not necessarily all the housing activity that has occurred in Washtenaw County. If you would like more details or information about our statistics, please email mls@aaabor.com

Days on market (DOM) figures are indicated only for that particular current listing. If the property was taken off the market and then re-listed, the count starts over and would not necessarily reflect the total days the property has been available for purchase since it was first made available.