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Ann Arbor Michigan Real Estate - Real Estate in Ann Arbor, Michigan

price median town affordable

Ann Arbor, Michigan is a beautiful city located in the southern peninsula of Michigan. Beautiful trees and plush landscaping surround the downtown area, which houses the University of Michigan and the normal surrounding residences that can be found in any normal college town. It is on the outskirts of town, though, where some great real estate values can be found. By looking at some concrete real estate figures, it becomes obvious that Ann Arbor, Michigan is a great place to find great housing at an affordable price.

The nice thing about Ann Arbor is that the home values have seen a drop in median price over the past couple of years, which makes the expansive Ann Arbor properties even more affordable for people of all income brackets. In 2004, the median price for a house in Ann Arbor, Michigan was approximately $250,000. 5 years later, that price had dropped 20% as home prices were now in the range of the $200,000 level.

One of the best aspects of the Ann Arbor real estate market is the fact that the city is a short drive to two of the nation’s larger metropolitan areas. To Detroit, it is a simple 34 mile drive east. A day trip to Chicago will take you slightly longer due to the 204 miles of open road in between the two cities. However, a family could still make into the heart of Chicago in approximately 4 hours.

If you are looking to rent an apartment or condo in Ann Arbor, you will find some very fair rates with nice living amenities that are sure to cater to your needs. The median rental property price is around $850/month, with the lower end of the pricing range being $650 and the upper end being $1,100. Vacant for-sale houses and condos are also priced relatively cheap, as the median asking price for these properties are in the $135,000 range.

If you are looking for a town that is quaint on the outer edges but still provides a good bit of entertainment within the heart of the city, Ann Arbor, Michigan is a great place for a person to live. The fact that their real estate prices are also affordable make it an even greater value for the savvy home owner.

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