Is Otsego County, NY 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 County was a Seller's Market.
Housing Prices in Otsego County, NY
How much do homes in Otsego County, NY cost?
Median Sold Price
$203,525
$123/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Otsego County was $203,525 in May 2024, up 9.7% from last year, and the median price per square foot was $123.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $140K | $153.4K | +9.6% |
2 Bedrooms | $140K | $171K | +22.1% |
3 Bedrooms | $185K | $192.5K | +4.1% |
4 Bedrooms | $216.2K | $225K | +4.0% |
5+ Bedrooms | $261.5K | $264.9K | +1.3% |
Summary: Otsego County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.6%, 2 bedroom homes increased by 22.1%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 1.3%.
Median Sold Price Compared To Nearby Counties
Schoharie County | $184.3K | $217K | +17.7% |
Otsego County | $185.5K | $203.5K | +9.7% |
Madison County | $224.3K | $211.1K | -5.9% |
Housing Supply in Otsego County, NY
How many homes are available in Otsego County, NY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
215 | 222 | +3.3% |
Summary: The Otsego County real estate market had 222 homes for sale in May 2024, a 3.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 5 | -16.7% |
2 Bedrooms | 24 | 33 | +37.5% |
3 Bedrooms | 85 | 81 | -4.7% |
4 Bedrooms | 52 | 51 | -1.9% |
5+ Bedrooms | 48 | 52 | +8.3% |
Summary: The Otsego County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 37.5%, 3 bedroom homes decreased by 4.7%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
31 | 28 | -9.7% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 28 homes were sold or pending in Otsego County in May 2024, down by 9.7% month-over-month. Of the 28 sold homes, 64% were sold under asking, 14% were sold at asking, and 21% were sold over asking.
Days on Market for Otsego County, NY
How long does it take to sell a home in Otsego County, NY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
43 Days | 64 Days | +47.8% |
Summary: Homes in Otsego County had an average of 64 days on market in May 2024, up by 47.8% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Summary: During May 2024, 28 homes were sold in Otsego County; 57% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.