Is Otisville, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Otisville is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Otisville has remained a Seller's Market.

Key Takeaway

Otisville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Otisville, MI

How much do homes in Otisville, MI cost?

Median Sold Price

$178,150

$141/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$5,600(-3.0%)

Key Takeaway

Homes in Otisville have sold for 3% less than they did a year ago.

Summary: The median home sold price in Otisville was $178,150 in May 2024, down 3% from last year, and the median price per square foot was $141.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$325K
N/A
2 $185K$140K
-24.3%
3 $181.2K$174K
-4.0%
4 $180K$311.5K
+73.1%
5+ $423K$299.9K
-29.1%

Summary: Otisville 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 24.3%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 73.1%, and 5+ bedroom homes decreased by 29.1%.

Median Sold Price Compared To Nearby Cities

Otisville
-3.0%
Forest Township
-4.2%

Housing Supply in Otisville, MI

How many homes are available in Otisville, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
915+66.7%

Summary: The Otisville real estate market had 15 homes for sale in May 2024, a 66.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 23
+50.0%
3 47
+75.0%
4 34
+33.3%
5+ 01
+100.0%

Summary: The Otisville 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 increased by 50%, 3 bedroom homes increased by 75%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
25+150.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Otisville, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in Otisville in May 2024, up by 150.0% month-over-month. Of the 5 sold homes, 40% were sold under asking, 20% were sold at asking, and 40% were sold over asking.

Days on Market for Otisville, MI

How long does it take to sell a home in Otisville, MI?

Average Sale Time

May 2023May 2024CHANGE
56 Days39 Days-28.9%

Summary: Homes in Otisville had an average of 39 days on market in May 2024, down by 28.9% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Otisville are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 5 homes were sold in Otisville; 80% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

Newest Listings in Otisville, MI

Nearby Markets to Otisville, MI