Is Otsego County, 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 County has remained a Seller's Market.
Key Takeaway
Otsego County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otsego County, MI
How much do homes in Otsego County, MI cost?
Median Sold Price
$240,829
$128/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Otsego County have sold for 2.5% more than they did a year ago.
Summary: The median home sold price in Otsego County was $240,829 in March 2024, up 2.5% from last year, and the median price per square foot was $128.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $139.6K | $85K | -39.1% |
| 2 Bedrooms | $174.9K | $192.5K | +10.1% |
| 3 Bedrooms | $241K | $245K | +1.7% |
| 4 Bedrooms | $265.1K | $298.5K | +12.6% |
| 5+ Bedrooms | $375K | $259.9K | -30.7% |
Summary: Otsego County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 39.1%, 2 bedroom homes increased by 10.1%, 3 bedroom homes increased by 1.7%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes decreased by 30.7%.
Median Sold Price Compared To Nearby Counties
| Crawford County | $170K | $199K | +17.1% |
| Antrim County | $265K | $302.1K | +14.0% |
| Cheboygan County | $203.5K | $227.5K | +11.8% |
| Montmorency County | $147.1K | $159K | +8.0% |
| Otsego County | $235K | $240.8K | +2.5% |
Housing Supply in Otsego County, MI
How many homes are available in Otsego County, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 105 | 118 | +12.4% |
Summary: The Otsego County real estate market had 118 homes for sale in March 2024, a 12.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 17 | 18 | +5.9% |
| 3 Bedrooms | 58 | 65 | +12.1% |
| 4 Bedrooms | 15 | 19 | +26.7% |
| 5+ Bedrooms | 11 | 13 | +18.2% |
Summary: The Otsego County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 19 | 25 | +31.6% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego County, you may be able to get a good deal. 54.2% of homes here sold below asking price last month.
Summary: A total of 25 homes were sold or pending in Otsego County in March 2024, up by 31.6% month-over-month. Of the 24 sold homes, 54% were sold under asking, 33% were sold at asking, and 13% were sold over asking.
Days on Market for Otsego County, MI
How long does it take to sell a home in Otsego County, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 23 Days | 72 Days | +216.5% |
Summary: Homes in Otsego County had an average of 72 days on market in Mar 2024, up by 216.5% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Otsego County has remained consistent over time.
Summary: During March 2024, 25 homes were sold in Otsego County; 4% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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