Is Otsego, MN 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.
Key Takeaway
Otsego is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otsego, MN
How much do homes in Otsego, MN cost?
Median Sold Price
$424,925
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Otsego have sold for 2.2% more than they did a year ago.
Summary: The median home sold price in Otsego was $424,925 in May 2024, up 2.2% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $340K | N/A |
| 2 Bedrooms | $240.4K | $250K | +4.0% |
| 3 Bedrooms | $365K | $345K | -5.5% |
| 4 Bedrooms | $470K | $465K | -1.1% |
| 5+ Bedrooms | $530K | $500K | -5.7% |
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 increased by 4%, 3 bedroom homes decreased by 5.5%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes decreased by 5.7%.
Median Sold Price Compared To Nearby Cities
| Elk River | $389.4K | $405.2K | +4.0% |
| Otsego | $415.7K | $424.9K | +2.2% |
| Saint Michael | $430K | $434.6K | +1.1% |
| Albertville | $370K | $370K | 0.0% |
| Hassan Township | $539K | $482.4K | -10.5% |
Housing Supply in Otsego, MN
How many homes are available in Otsego, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 135 | 146 | +8.1% |
Summary: The Otsego real estate market had 146 homes for sale in May 2024, a 8.1% 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 | 20 | 25 | +25.0% |
| 3 Bedrooms | 39 | 41 | +5.1% |
| 4 Bedrooms | 55 | 55 | 0.0% |
| 5+ Bedrooms | 21 | 24 | +14.3% |
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 25%, 3 bedroom homes increased by 5.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 43 | 26 | -39.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego, expect to pay close to the asking price. 42.3% of homes here sold near the asking price last month.
Summary: A total of 26 homes were sold or pending in Otsego in May 2024, down by 39.5% month-over-month. Of the 26 sold homes, 15% were sold under asking, 42% were sold at asking, and 42% were sold over asking.
Days on Market for Otsego, MN
How long does it take to sell a home in Otsego, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 39 Days | 21 Days | -44.7% |
Summary: Homes in Otsego had an average of 21 days on market in May 2024, down by 44.7% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
3 Homes Were 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 May 2024, 26 homes were sold in Otsego; 85% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
