Is Otsego, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Otsego has remained a Seller's Market.
Housing Prices in Otsego, MI
How much do homes in Otsego, MI cost?
Median Sold Price
$240,000
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Otsego was $240,000 in May 2024, up 6.9% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $224.9K | $213.7K | -5.0% |
3 Bedrooms | $200K | $237.4K | +18.7% |
4 Bedrooms | $295K | $289K | -2.0% |
5+ Bedrooms | $345K | $285K | -17.4% |
Summary: Otsego housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 5%, 3 bedroom homes increased by 18.7%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes decreased by 17.4%.
Median Sold Price Compared To Nearby Cities
Otsego | $224.4K | $240K | +6.9% |
Otsego Township | $225K | $240K | +6.7% |
Housing Supply in Otsego, MI
How many homes are available in Otsego, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
23 | 29 | +26.1% |
Summary: The Otsego real estate market had 29 homes for sale in May 2024, a 26.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 4 | 7 | +75.0% |
3 Bedrooms | 13 | 16 | +23.1% |
4 Bedrooms | 4 | 4 | 0.0% |
5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Otsego housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 75%, 3 bedroom homes increased by 23.1%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
5 | 10 | +100.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 10 homes were sold or pending in Otsego in May 2024, up by 100.0% month-over-month. Of the 10 sold homes, 50% were sold under asking, 20% were sold at asking, and 30% were sold over asking.
Days on Market for Otsego, MI
How long does it take to sell a home in Otsego, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
13 Days | 15 Days | +14.7% |
Summary: Homes in Otsego had an average of 15 days on market in May 2024, up by 14.7% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 10 homes were sold in Otsego; 80% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.