Is Otsego, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Otsego was a Neutral Market.
Key Takeaway
Otsego is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otsego, NY
How much do homes in Otsego, NY cost?
Median Sold Price
$527,500
$299/sqft
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Otsego have sold for 34% less than they did a month ago.
Summary: The median home sold price in Otsego was $527,500 in May 2024, down 34% from last month, and the median price per square foot was $299.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $321.2K | N/A |
| 3 Bedrooms | $1.7M | $1.6M | -7.3% |
| 4 Bedrooms | $799K | $605K | -24.3% |
| 5+ Bedrooms | $336K | - | N/A |
Summary: Otsego housing prices by bedroom type for May 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 decreased by 7.3%, 4 bedroom homes decreased by 24.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Hartwick | $107.5K | $175K | +62.8% |
| Cooperstown | $799K | $605K | -24.3% |
| Otsego | $799K | $527.5K | -34.0% |
Housing Supply in Otsego, NY
How many homes are available in Otsego, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 21 | +10.5% |
Summary: The Otsego real estate market had 21 homes for sale in May 2024, a 10.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 4 | 5 | +25.0% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Otsego housing inventory by bedroom type for May 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 25%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 4 | +33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Otsego in May 2024, up by 33.3% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for Otsego, NY
How long does it take to sell a home in Otsego, NY?
Average Sale Time
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 80 Days | 34 Days | -57.7% |
Summary: Homes in Otsego had an average of 34 days on market in May 2024, down by 57.7% compared to last month.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Otsego are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Otsego; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
