$6,352 Closing Credit*
$534,900
3,080 SqFt
5 Beds
•1 Full Bath, 1 Partial
Listing Office: Capstone Realty, LLC
Is Otsego, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Otsego has remained a Seller's Market.
Key Takeaway
Otsego is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otsego, MN
How much do homes in Otsego, MN cost?
Median Sold Price
$408,255
$189/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$16,645(-3.9%)
Key Takeaway
Homes in Otsego have sold for 3.9% less than they did a year ago.
Summary: The median home sold price in Otsego was $408,255 in November 2024, down 3.9% from last year, and the median price per square foot was $189.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $340K | - | N/A |
| 2 Bedrooms | $243K | $257.6K | +6.0% |
| 3 Bedrooms | $343K | $350.9K | +2.3% |
| 4 Bedrooms | $469.9K | $461.6K | -1.8% |
| 5+ Bedrooms | $502.5K | $506.7K | +0.8% |
Summary: Otsego housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 2.3%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes increased by 0.8%.
Median Sold Price Compared To Nearby Cities
| Elk River | $395K | $404.7K | +2.5% |
| Saint Michael | $431.4K | $439.9K | +2.0% |
| Albertville | $365K | $365.2K | 0.1% |
| Otsego | $424.9K | $408.2K | -3.9% |
| Hassan Township | $502.5K | $438.4K | -12.7% |
Housing Supply in Otsego, MN
How many homes are available in Otsego, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 124 | 130 | +4.8% |
Summary: The Otsego real estate market had 130 homes for sale in November 2024, a 4.8% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 22 | 21 | -4.5% |
| 3 Bedrooms | 33 | 34 | +3.0% |
| 4 Bedrooms | 43 | 46 | +7.0% |
| 5+ Bedrooms | 25 | 28 | +12.0% |
Summary: The Otsego housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.5%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 12%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 32 | 29 | -9.4% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego, you may be able to get a good deal. 44.8% of homes here sold below asking price last month.
Summary: A total of 29 homes were sold or pending in Otsego in November 2024, down by 9.4% month-over-month. Of the 29 sold homes, 45% were sold under asking, 24% were sold at asking, and 31% were sold over asking.
Days on Market for Otsego, MN
How long does it take to sell a home in Otsego, MN?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 31 Days | 35 Days | +12.9% |
Summary: Homes in Otsego had an average of 35 days on market in Nov 2024, up by 12.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Otsego are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 29 homes were sold in Otsego; 55% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
