Is Otsego County, 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 County has remained a Seller's Market.
Key Takeaway
Otsego County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otsego County, MI
How much do homes in Otsego County, MI cost?
Median Sold Price
$246,495
$129/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Otsego County have sold for 5.3% more than they did a year ago.
Summary: The median home sold price in Otsego County was $246,495 in April 2024, up 5.3% from last year, and the median price per square foot was $129.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $136.7K | $85K | -37.8% |
| 2 Bedrooms | $174.9K | $192.5K | +10.1% |
| 3 Bedrooms | $240K | $248.9K | +3.7% |
| 4 Bedrooms | $270K | $313.5K | +16.1% |
| 5+ Bedrooms | $375K | $295.5K | -21.2% |
Summary: Otsego County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 37.8%, 2 bedroom homes increased by 10.1%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 16.1%, and 5+ bedroom homes decreased by 21.2%.
Median Sold Price Compared To Nearby Counties
| Antrim County | $252K | $305K | +21.0% |
| Crawford County | $170K | $199.1K | +17.1% |
| Cheboygan County | $200K | $230K | +15.0% |
| Montmorency County | $147.2K | $159.4K | +8.3% |
| Otsego County | $233.9K | $246.4K | +5.3% |
Housing Supply in Otsego County, MI
How many homes are available in Otsego County, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 113 | 138 | +22.1% |
Summary: The Otsego County real estate market had 138 homes for sale in April 2024, a 22.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 19 | 26 | +36.8% |
| 3 Bedrooms | 61 | 70 | +14.8% |
| 4 Bedrooms | 17 | 26 | +52.9% |
| 5+ Bedrooms | 12 | 13 | +8.3% |
Summary: The Otsego County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 36.8%, 3 bedroom homes increased by 14.8%, 4 bedroom homes increased by 52.9%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 28 | 30 | +7.1% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
4 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. 53.3% of homes here sold below asking price last month.
Summary: A total of 30 homes were sold or pending in Otsego County in April 2024, up by 7.1% month-over-month. Of the 30 sold homes, 53% were sold under asking, 33% were sold at asking, and 13% were sold over asking.
Days on Market for Otsego County, MI
How long does it take to sell a home in Otsego County, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 161 Days | 41 Days | -74.2% |
Summary: Homes in Otsego County had an average of 41 days on market in Apr 2024, down by 74.2% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Otsego County are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 30 homes were sold in Otsego County; 3% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.