$2,500
0.65 Acres
Land
Laura Hart-Smith, Listing Office: Real Estate One of Gaylord
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 November 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
$317,000
$140/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$35,000(+12.4%)
Key Takeaway
Homes in Otsego Lake Township have sold for 12.4% more than they did a year ago.
Summary: The median home sold price in Otsego Lake Township was $317,000 in November 2024, up 12.4% from last year, and the median price per square foot was $140.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $60K | $20K | -66.7% |
| 2 Bedrooms | $213.5K | $255.7K | +19.8% |
| 3 Bedrooms | $298.4K | $319.9K | +7.2% |
| 4 Bedrooms | $250K | $410K | +64.0% |
| 5+ Bedrooms | $435K | $231K | -46.9% |
Summary: Otsego Lake Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 66.7%, 2 bedroom homes increased by 19.8%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 64%, and 5+ bedroom homes decreased by 46.9%.
Median Sold Price Compared To Nearby Cities
| Otsego Lake Township | $282K | $317K | +12.4% |
| Frederic | $235K | $220K | -6.4% |
| Bagley Township | $283.3K | $264K | -6.8% |
Housing Supply in Otsego Lake Township, MI
How many homes are available in Otsego Lake Township, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 32 | 30 | -6.3% |
Summary: The Otsego Lake Township real estate market had 30 homes for sale in November 2024, a 6.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 24 | 23 | -4.2% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Otsego Lake Township housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 8 | 6 | -25.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego Lake Township, you may be able to get a good deal. 83.3% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Otsego Lake Township in November 2024, down by 25.0% month-over-month. Of the 6 sold homes, 83% were sold under asking, 0% were sold at asking, and 17% 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?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Otsego Lake Township are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 6 homes were sold in Otsego Lake Township; 17% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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