Is Otsego County, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Otsego County is a seller's market

Buyer's
Market

Difference Since August 2021

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.

How much do homes in Otsego County, MI cost?

Median Sold Price

$225,000

$115/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2021

+$41,940(+22.9%)

Key Takeaway

Homes in Otsego County have sold for 22.9% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSAug 2021Aug 2022%
1 $125K$123.9K
-0.9%
2 $133.2K$160K
+20.1%
3 $180K$227.5K
+26.4%
4 $237.5K$275K
+15.8%
5+ $310K$375K
+21.0%

Median Sold Price Compared To Nearby Counties

Otsego County
+22.9%
Antrim County
+13.6%
Cheboygan County
+10.1%
Montmorency County
+8.2%
Crawford County
+4.2%

How many homes are available in Otsego County, MI?

Number of Homes For Sale

Jul 2022Aug 2022%
205218+6.3%

Homes For Sale By Bedroom Count

# BEDSJul 2022Aug 2022%
1 58
+60.0%
2 4232
-23.8%
3 114129
+13.2%
4 3135
+12.9%
5+ 1314
+7.7%

Number of Homes Sold

Jul 2022Aug 2022%
4649+6.5%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Otsego County, you may be able to get a good deal. 52.2% of homes here sold below asking price last month.

Average Sale Time

Aug 2021Aug 2022%
43 Days34 Days-21.1%

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Otsego County has remained consistent over time.

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

About Otsego County, MI

Otsego County, MI has 218 homes on the market. The number of listings in Otsego County, MI increased by 6.3% between July 2022 and August 2022. The median list price of listings available in August 2022 was $225,000, while the average time on the real estate market was 34 days. This housing market listing prices have changed between July 2022 and August 2022: prices of 1 bedroom properties went down by 0.9%, 2 bedrooms properties prices increased by 20.1%, 3 bedrooms properties became 26.4% more expensive, the cost of 4 bedrooms properties went up by 15.8%, 5 bedrooms properties prices increased by 21%. Volume of homes for sale changed: volume of 1 bedroom homes went up by 60%, 2 bedrooms homes inventory decreased by 23.8%, volume of 3 bedrooms homes went up by 13.2%, volume of 4 bedrooms homes went up by 12.9%, number of 5 bedrooms homes increased by 7.7%. In August 2022, from all listings sold in Otsego County, MI there were more than 9 sold above asking price, over 24 sold below and more than 13 were sold right at the asked price.

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