Is Otsego Lake Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Otsego Lake Township was a Seller's Market.
Key Takeaway
Otsego Lake Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Otsego Lake Township, MI
How much do homes in Otsego Lake Township, MI cost?
Median Sold Price
$292,000
$122/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Otsego Lake Township have sold for 16.8% more than they did a year ago.
Summary: The median home sold price in Otsego Lake Township was $292,000 in May 2024, up 16.8% from last year, and the median price per square foot was $122.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $60K | N/A |
| 2 Bedrooms | $245K | $192K | -21.6% |
| 3 Bedrooms | $258.7K | $303.5K | +17.3% |
| 4 Bedrooms | $300K | $318K | +6.0% |
| 5+ Bedrooms | $317.5K | $257K | -19.1% |
Summary: Otsego Lake Township 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 21.6%, 3 bedroom homes increased by 17.3%, 4 bedroom homes increased by 6%, and 5+ bedroom homes decreased by 19.1%.
Median Sold Price Compared To Nearby Cities
| Frederic | $193.9K | $245.5K | +26.6% |
| Otsego Lake Township | $250K | $292K | +16.8% |
| Chester Township | $200K | $223.5K | +11.8% |
| Bagley Township | $269.2K | $248.5K | -7.7% |
Housing Supply in Otsego Lake Township, MI
How many homes are available in Otsego Lake Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 26 | 0.0% |
Summary: The Otsego Lake Township real estate market had 26 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 5 | -16.7% |
| 3 Bedrooms | 13 | 16 | +23.1% |
| 4 Bedrooms | 7 | 5 | -28.6% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Otsego Lake Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.7%, 3 bedroom homes increased by 23.1%, 4 bedroom homes decreased by 28.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 3 | -70.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego Lake Township, expect to pay close to the asking price. 66.7% of homes here sold near the asking price last month.
Summary: A total of 3 homes were sold or pending in Otsego Lake Township in May 2024, down by 70.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 67% were sold at asking, and 0% were sold over asking.
Days on Market for Otsego Lake Township, MI
How long does it take to sell a home in Otsego Lake Township, MI?
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Otsego Lake Township has remained consistent over time.
Summary: During May 2024, 3 homes were sold in Otsego Lake Township; 0% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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