Is Otsego Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Otsego Township has remained a Seller's Market.
Housing Prices in Otsego Township, MI
How much do homes in Otsego Township, MI cost?
Median Sold Price
$240,000
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Otsego Township was $240,000 in April 2024, up 2.1% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $325K | - | N/A |
2 Bedrooms | $224.9K | $227.5K | +1.2% |
3 Bedrooms | $220K | $239.9K | +9.0% |
4 Bedrooms | $297.5K | $270K | -9.2% |
5+ Bedrooms | $345K | $271.5K | -21.3% |
Summary: Otsego Township housing prices by bedroom type for April 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%, 4 bedroom homes decreased by 9.2%, and 5+ bedroom homes decreased by 21.3%.
Median Sold Price Compared To Nearby Cities
Otsego | $200K | $239.2K | +19.6% |
Plainwell | $234.9K | $270K | +14.9% |
Gun Plain Township | $270K | $300K | +11.1% |
Otsego Township | $234.9K | $240K | +2.1% |
Housing Supply in Otsego Township, MI
How many homes are available in Otsego Township, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
27 | 24 | -11.1% |
Summary: The Otsego Township real estate market had 24 homes for sale in April 2024, a 11.1% decrease compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 1 | 3 | +200.0% |
3 Bedrooms | 14 | 14 | 0.0% |
4 Bedrooms | 8 | 4 | -50.0% |
5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Otsego Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 200%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 50%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
14 | 5 | -64.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Otsego Township in April 2024, down by 64.3% 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 Otsego Township, MI
How long does it take to sell a home in Otsego Township, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
6 Days | 36 Days | +500.0% |
Summary: Homes in Otsego Township had an average of 36 days on market in Apr 2024, up by 500% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 5 homes were sold in Otsego Township; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.