Is Otter Lake, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, 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
$232,750
$146/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Otter Lake have sold for 13.5% more than they did a year ago.
Summary: The median home sold price in Otter Lake was $232,750 in May 2024, up 13.5% from last year, and the median price per square foot was $146.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $82K | $97K | +18.3% |
| 2 Bedrooms | $205K | $237K | +15.6% |
| 3 Bedrooms | $180K | $211K | +17.2% |
| 4 Bedrooms | $262.9K | $291.2K | +10.8% |
| 5+ Bedrooms | - | $255K | N/A |
Summary: Otter Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.3%, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Otter Lake | $205K | $232.7K | +13.5% |
| Marathon Township | $229K | $248.2K | +8.4% |
| Forest Township | $183K | $175.3K | -4.2% |
Housing Supply in Otter Lake, MI
How many homes are available in Otter Lake, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 9 | -10.0% |
Summary: The Otter Lake real estate market had 9 homes for sale in May 2024, a 10.0% decrease 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 | 2 | 2 | 0.0% |
| 3 Bedrooms | 7 | 5 | -28.6% |
| 4 Bedrooms | 0 | 1 | +100.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Otter Lake 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 decreased by 28.6%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 3 | +50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was 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. 33.3% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Otter Lake in May 2024, up by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 14 Days | 15 Days | +7.1% |
Summary: Homes in Otter Lake had an average of 15 days on market in May 2024, up by 7.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was 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 May 2024, 3 homes were sold in Otter Lake; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
