$6,056 Closing Credit*
$510,000
3,600 SqFt
4 Beds
•3 Full Baths, 1 Partial
Savanna Koronka, Listing Office: smith realty GROUP
Is Otsego Lake Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Otsego Lake Township has remained a Seller's Market.
Key Takeaway
Otsego Lake Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otsego Lake Township, MI
How much do homes in Otsego Lake Township, MI cost?
Median Sold Price
$307,500
$138/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$17,000(+5.9%)
Key Takeaway
Homes in Otsego Lake Township have sold for 5.9% more than they did a year ago.
Summary: The median home sold price in Otsego Lake Township was $307,500 in October 2024, up 5.9% from last year, and the median price per square foot was $138.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $60K | $20K | -66.7% |
| 2 Bedrooms | $235K | $238.7K | +1.6% |
| 3 Bedrooms | $298.4K | $310K | +3.9% |
| 4 Bedrooms | $250K | $403.2K | +61.3% |
| 5+ Bedrooms | $465K | $244K | -47.5% |
Summary: Otsego Lake Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 66.7%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 61.3%, and 5+ bedroom homes decreased by 47.5%.
Median Sold Price Compared To Nearby Cities
| Otsego Lake Township | $290.5K | $307.5K | +5.9% |
| Bagley Township | $283.6K | $275K | -3.0% |
| Frederic | $237.5K | $220K | -7.4% |
Housing Supply in Otsego Lake Township, MI
How many homes are available in Otsego Lake Township, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 32 | 32 | 0.0% |
Summary: The Otsego Lake Township real estate market had 32 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 18 | 23 | +27.8% |
| 4 Bedrooms | 11 | 5 | -54.5% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Otsego Lake Township housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 27.8%, 4 bedroom homes decreased by 54.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 7 | 7 | 0.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego Lake Township, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Otsego Lake Township in October 2024, the same as the previous month. Of the 7 sold homes, 57% were sold under asking, 43% were sold at asking, and 0% were sold over asking.
Days on Market for Otsego Lake Township, MI
How long does it take to sell a home in Otsego Lake Township, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 56 Days | 38 Days | -32.1% |
Summary: Homes in Otsego Lake Township had an average of 38 days on market in Oct 2024, down by 32.1% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Otsego Lake Township has remained consistent over time.
Summary: During October 2024, 7 homes were sold in Otsego Lake Township; 0% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Northern Michigan MLS (NM-MLS). The listings displayed come from various NM-MLS. member offices who have chosen to participate in NM-MLSX IDX, the detailed information The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing about said listings includes the listing office information. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or NM-MLS, or this broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2024 NM-MLS. All rights reserved