$3,799 Closing Credit*
$319,900
2,850 SqFt
5 Beds
•3 Full Baths, 1 Partial
Heather Dell, Listing Office: RE/MAX Leading Edge
Is Petosky-Otsego, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Petosky-Otsego was a Neutral Market.
Key Takeaway
Petosky-Otsego is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Petosky-Otsego, MI
How much do homes in Petosky-Otsego, MI cost?
Median Sold Price
$90,000
$53/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$18,750(+26.3%)
Key Takeaway
Homes in Petosky-Otsego have sold for 26.3% more than they did a year ago.
Summary: The median home sold price in Petosky-Otsego was $90,000 in October 2024, up 26.3% from last year, and the median price per square foot was $53.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $35K | - | N/A |
| 3 Bedrooms | $40.5K | $65K | +60.5% |
| 4 Bedrooms | $110K | $118K | +7.3% |
| 5+ Bedrooms | $71.5K | $114.3K | +59.8% |
Summary: Petosky-Otsego housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 60.5%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes increased by 59.8%.
Median Sold Price Compared To Nearby Neighborhoods
| Rosa Parks | $65K | $157K | +141.5% |
| Durfee | $117.7K | $176.4K | +49.8% |
| Russell Woods | $122K | $177K | +45.1% |
| Petosky-Otsego | $71.2K | $90K | +26.3% |
| Winterhalter | $89.5K | $94.2K | +5.3% |
Housing Supply in Petosky-Otsego, MI
How many homes are available in Petosky-Otsego, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 15 | 21 | +40.0% |
Summary: The Petosky-Otsego real estate market had 21 homes for sale in October 2024, a 40.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 10 | 13 | +30.0% |
| 4 Bedrooms | 2 | 4 | +100.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Petosky-Otsego 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 remained the same, 3 bedroom homes increased by 30%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 0 | 1 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Petosky-Otsego, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Petosky-Otsego in October 2024, up by 100.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Petosky-Otsego, MI
How long does it take to sell a home in Petosky-Otsego, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 45 Days | 142 Days | +215.6% |
Summary: Homes in Petosky-Otsego had an average of 142 days on market in Oct 2024, up by 215.6% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Petosky-Otsego are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During October 2024, 1 homes were sold in Petosky-Otsego; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% 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.