Is Otsego Lake Township, 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 Lake Township has remained a Seller's Market.
Key Takeaway
Otsego Lake Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otsego Lake Township, MI
How much do homes in Otsego Lake Township, MI cost?
Median Sold Price
$275,000
$122/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Otsego Lake Township have sold for 5% more than they did a year ago.
Summary: The median home sold price in Otsego Lake Township was $275,000 in March 2024, up 5% from last year, and the median price per square foot was $122.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $60K | N/A |
| 2 Bedrooms | $211K | $213.5K | +1.2% |
| 3 Bedrooms | $265K | $289K | +9.1% |
| 4 Bedrooms | $342.5K | $292K | -14.7% |
| 5+ Bedrooms | $317.5K | $257K | -19.1% |
Summary: Otsego Lake Township 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 1.2%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 14.7%, and 5+ bedroom homes decreased by 19.1%.
Median Sold Price Compared To Nearby Cities
| Chester Township | $162.2K | $248.5K | +53.2% |
| Frederic | $199.4K | $251.2K | +26.0% |
| Otsego Lake Township | $261.8K | $275K | +5.0% |
| Bagley Township | $265K | $259.9K | -1.9% |
Housing Supply in Otsego Lake Township, MI
How many homes are available in Otsego Lake Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 17 | 18 | +5.9% |
Summary: The Otsego Lake Township real estate market had 18 homes for sale in March 2024, a 5.9% increase 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 | 1 | 1 | 0.0% |
| 3 Bedrooms | 13 | 13 | 0.0% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Otsego Lake Township 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 4 | +33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego Lake Township, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Otsego Lake Township in March 2024, up by 33.3% month-over-month. Of the 4 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Otsego Lake Township, MI
We’re sorry, we don't have information for this market at the moment
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