One of the most important residential real estate markets in Michigan is Ann Arbor. The city affords residents with dozens of key benefits and amenities, modern and high-quality schools, and breathtaking parks and natural areas. Still, it is a hotbed for commercial developments and offers a moderate to upper middle class lifestyle. It is no wonder, then, that the real estate construction market in Ann Arbor, along with the housing market in general, remains very strong.
New Construction Develops in Ann Arbor
There are numerous areas in the city of Ann Arbor being developed. Additionally, there are individual plots of land available in many areas that present opportunities for development as well. The Old West Side area, for example, is seeing numerous homes built. Many are 3-bedroom, 3-bath style homes and condos. Glazier Way is another popular location for new home construction in Ann Arbor. Home values here are significantly higher, but these are larger, 4-bedroom homes with ample amenities. Other areas seeing development include Whispering Maples, Northbrooke Estates, and Huron.
Improving Housing Market and Demand Increase in Ann Arbor
Single family homes and condos/townhomes are the most common style of home for sale in Ann Arbor within the new construction sector. As a trendy neighborhood with a solid foundation for raising a family, Ann Arbor housing values will continue to climb for years to come. For the first half of the year, single family home sales grew by as much as 7% and, in April of 2015, home sales were 14% higher year-over-year.
It's important to know that inventory in many areas of Ann Arbor is low, which is one of the reasons new construction here continues to flourish. Nevertheless, you will find property that is on the market is selling quickly. For those home buyers who need to sell their current home first, there is plenty of opportunity here to see a fast sale in many cases.
Ann Arbor real estate opportunities exist in both existing and new construction. Demand for beautiful, country-style lots and spacious acreage can still be met in various neighborhoods. This makes Ann Arbor ideal.
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