Is Otter Lake, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Otter Lake was a Neutral Market.
Key Takeaway
Otter Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otter Lake, MI
How much do homes in Otter Lake, MI cost?
Median Sold Price
$263,000
$147/sqft
Based on all homes sold in April 2024.
Difference Since Last Month
Key Takeaway
Homes in Otter Lake have sold for 21.5% less than they did a month ago.
Summary: The median home sold price in Otter Lake was $263,000 in April 2024, down 21.5% from last month, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | - | $263K | N/A |
| 4 Bedrooms | $335K | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Otter Lake housing prices by bedroom type for April 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Housing Supply in Otter Lake, MI
How many homes are available in Otter Lake, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 6 | 9 | +50.0% |
Summary: The Otter Lake real estate market had 9 homes for sale in April 2024, a 50.0% increase 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 | 1 | 0.0% |
| 3 Bedrooms | 4 | 7 | +75.0% |
| 4 Bedrooms | 1 | 0 | -100.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Otter Lake 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 remained the same, 3 bedroom homes increased by 75%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Otter Lake, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Otter Lake in April 2024, up by 100.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Otter Lake, MI
How long does it take to sell a home in Otter Lake, MI?
Average Sale Time
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 32 Days | 10 Days | -68.8% |
Summary: Homes in Otter Lake had an average of 10 days on market in Apr 2024, down by 68.8% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Otter Lake are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 2 homes were sold in Otter Lake; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
