Is Otter Lake, 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, Otter Lake was a Neutral Market.
Housing Prices in Otter Lake, MI
How much do homes in Otter Lake, MI cost?
Median Sold Price
$232,750
$146/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Otter Lake was $232,750 in May 2024, up 13.5% from last year, and the median price per square foot was $146.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $82K | $97K | +18.3% |
2 Bedrooms | $205K | $237K | +15.6% |
3 Bedrooms | $180K | $211K | +17.2% |
4 Bedrooms | $262.9K | $291.2K | +10.8% |
5+ Bedrooms | - | $255K | N/A |
Summary: Otter Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.3%, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Otter Lake | $205K | $232.7K | +13.5% |
Marathon Township | $229K | $248.2K | +8.4% |
Forest Township | $183K | $175.3K | -4.2% |
Housing Supply in Otter Lake, MI
How many homes are available in Otter Lake, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
10 | 9 | -10.0% |
Summary: The Otter Lake real estate market had 9 homes for sale in May 2024, a 10.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 2 | 2 | 0.0% |
3 Bedrooms | 7 | 5 | -28.6% |
4 Bedrooms | 0 | 1 | +100.0% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Otter Lake 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 remained the same, 3 bedroom homes decreased by 28.6%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
2 | 3 | +50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 3 homes were sold or pending in Otter Lake in May 2024, up by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.
Days on Market for Otter Lake, MI
How long does it take to sell a home in Otter Lake, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
14 Days | 15 Days | +7.1% |
Summary: Homes in Otter Lake had an average of 15 days on market in May 2024, up by 7.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 3 homes were sold in Otter Lake; 67% 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.