Is Otsego, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Otsego has remained a Seller's Market.
Key Takeaway
Otsego is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otsego, MI
How much do homes in Otsego, MI cost?
Median Sold Price
$239,275
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Otsego have sold for 19.6% more than they did a year ago.
Summary: The median home sold price in Otsego was $239,275 in April 2024, up 19.6% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $191K | $227.5K | +19.1% |
| 3 Bedrooms | $196K | $228K | +16.3% |
| 4 Bedrooms | $280K | $283K | +1.1% |
| 5+ Bedrooms | $307.5K | $271.5K | -11.7% |
Summary: Otsego housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 19.1%, 3 bedroom homes increased by 16.3%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes decreased by 11.7%.
Median Sold Price Compared To Nearby Cities
| Otsego | $200K | $239.2K | +19.6% |
| Otsego Township | $234.9K | $240K | +2.1% |
Housing Supply in Otsego, MI
How many homes are available in Otsego, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 23 | 21 | -8.7% |
Summary: The Otsego real estate market had 21 homes for sale in April 2024, a 8.7% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 3 | +200.0% |
| 3 Bedrooms | 11 | 12 | +9.1% |
| 4 Bedrooms | 7 | 3 | -57.1% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Otsego housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 200%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 57.1%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 4 | -66.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Otsego in April 2024, down by 66.7% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 6 Days | 42 Days | +608.3% |
Summary: Homes in Otsego had an average of 42 days on market in Apr 2024, up by 608.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Otsego are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in Otsego; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
