$3,324 Closing Credit*
$279,900
1,100 SqFt
3 Beds
•1 Full Bath, 1 Partial
Timothy M Wilds, Listing Office: GSA Elite Realty
Is Otter Lake, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Otter Lake was a Seller's Market.
Key Takeaway
Otter Lake is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Otter Lake, MI
How much do homes in Otter Lake, MI cost?
Median Sold Price
$273,500
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$41,500(+17.9%)
Key Takeaway
Homes in Otter Lake have sold for 17.9% more than they did a year ago.
Summary: The median home sold price in Otter Lake was $273,500 in November 2024, up 17.9% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $97K | N/A |
| 2 Bedrooms | $293.5K | $365K | +24.4% |
| 3 Bedrooms | $210K | $270K | +28.6% |
| 4 Bedrooms | $315K | $332.5K | +5.6% |
| 5+ Bedrooms | - | $332.5K | N/A |
Summary: Otter Lake housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 24.4%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Otter Lake | $232K | $273.5K | +17.9% |
| Marathon Township | $225K | $255K | +13.3% |
| Forest Township | $187.5K | $176K | -6.1% |
Housing Supply in Otter Lake, MI
How many homes are available in Otter Lake, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 15 | 11 | -26.7% |
Summary: The Otter Lake real estate market had 11 homes for sale in November 2024, a 26.7% 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 | 5 | 3 | -40.0% |
| 3 Bedrooms | 7 | 6 | -14.3% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Otter Lake 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 40%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 5 | 1 | -80.0% |
Asking Price vs. Sold Price
0 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 Otter Lake, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in Otter Lake in November 2024, down by 80.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 16 Days | 8 Days | -51.5% |
Summary: Homes in Otter Lake had an average of 8 days on market in Nov 2024, down by 51.5% compared to last year.
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 Otter Lake are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 1 homes were sold in Otter Lake; 100% 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.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.