Is Otsego County, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Otsego County has remained a Buyer's Market.
Key Takeaway
Otsego County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Otsego County, NY
How much do homes in Otsego County, NY cost?
Median Sold Price
$164,500
$106/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Otsego County have sold for 25.4% less than they did a month ago.
Summary: The median home sold price in Otsego County was $164,500 in March 2024, down 25.4% from last month, and the median price per square foot was $106.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $153K | $160K | +4.6% |
| 3 Bedrooms | $218.5K | $116.9K | -46.5% |
| 4 Bedrooms | $335K | $215.7K | -35.6% |
| 5+ Bedrooms | $224.9K | $233K | +3.6% |
Summary: Otsego County housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.6%, 3 bedroom homes decreased by 46.5%, 4 bedroom homes decreased by 35.6%, and 5+ bedroom homes increased by 3.6%.
Median Sold Price Compared To Nearby Counties
| Chenango County | $170K | $175K | +2.9% |
| Delaware County | $135K | $138K | +2.2% |
| Otsego County | $220.5K | $164.5K | -25.4% |
Housing Supply in Otsego County, NY
How many homes are available in Otsego County, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 186 | 199 | +7.0% |
Summary: The Otsego County real estate market had 199 homes for sale in March 2024, a 7.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 22 | 24 | +9.1% |
| 3 Bedrooms | 70 | 72 | +2.9% |
| 4 Bedrooms | 56 | 55 | -1.8% |
| 5+ Bedrooms | 36 | 46 | +27.8% |
Summary: The Otsego County 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 increased by 9.1%, 3 bedroom homes increased by 2.9%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes increased by 27.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 24 | 18 | -25.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego County, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in Otsego County in March 2024, down by 25.0% month-over-month. Of the 18 sold homes, 67% were sold under asking, 22% were sold at asking, and 11% were sold over asking.
Days on Market for Otsego County, NY
How long does it take to sell a home in Otsego County, NY?
Average Sale Time
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 93 Days | 76 Days | -17.6% |
Summary: Homes in Otsego County had an average of 76 days on market in Mar 2024, down by 17.6% compared to last month.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Otsego County are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 18 homes were sold in Otsego County; 33% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 39% of homes were sold over 90 days.
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Listings courtesy of OneKey MLS as distributed by MLS GRID.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the OneKey™ MLS. Real Estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. This information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.