Is Otsego, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$234,950
$183/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Otsego have sold for 17.5% more than they did a year ago.
Summary: The median home sold price in Otsego was $234,950 in March 2024, up 17.5% from last year, and the median price per square foot was $183.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $175K | $225K | +28.6% |
| 3 Bedrooms | $199K | $221.1K | +11.1% |
| 4 Bedrooms | $280K | $274K | -2.1% |
| 5+ Bedrooms | $307.5K | $271.5K | -11.7% |
Summary: Otsego housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 11.1%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes decreased by 11.7%.
Median Sold Price Compared To Nearby Cities
| Otsego | $200K | $234.9K | +17.5% |
| Otsego Township | $239K | $236.8K | -0.9% |
Housing Supply in Otsego, MI
How many homes are available in Otsego, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 23 | 20 | -13.0% |
Summary: The Otsego real estate market had 20 homes for sale in March 2024, a 13.0% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 12 | 10 | -16.7% |
| 4 Bedrooms | 4 | 5 | +25.0% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Otsego housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 11 | +83.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Otsego in March 2024, up by 83.3% month-over-month. Of the 11 sold homes, 55% were sold under asking, 18% were sold at asking, and 27% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 122 Days | 33 Days | -73.0% |
Summary: Homes in Otsego had an average of 33 days on market in Mar 2024, down by 73% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Otsego are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 11 homes were sold in Otsego; 73% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
