$5,926 Closing Credit*
$499,000
1,880 SqFt
3 Beds
•1 Full Bath
Terry Foster, Listing Office: eXp Realty LLC
Is Otis, OR 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, Otis has remained a Seller's Market.
Key Takeaway
Otis is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otis, OR
How much do homes in Otis, OR cost?
Median Sold Price
$574,500
$292/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$234,500(+69.0%)
Key Takeaway
Homes in Otis have sold for 69% more than they did a year ago.
Summary: The median home sold price in Otis was $574,500 in November 2024, up 69% from last year, and the median price per square foot was $292.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $278.5K | $237.4K | -14.7% |
| 2 Bedrooms | $315K | $370K | +17.5% |
| 3 Bedrooms | $415K | $624.5K | +50.5% |
| 4 Bedrooms | $560K | $780K | +39.3% |
| 5+ Bedrooms | $1.2M | $680K | -43.3% |
Summary: Otis housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 14.7%, 2 bedroom homes increased by 17.5%, 3 bedroom homes increased by 50.5%, 4 bedroom homes increased by 39.3%, and 5+ bedroom homes decreased by 43.3%.
Median Sold Price Compared To Nearby Cities
| Otis | $340K | $574.5K | +69.0% |
| Lincoln City | $499.9K | $510K | +2.0% |
Housing Supply in Otis, OR
How many homes are available in Otis, OR?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 14 | 10 | -28.6% |
Summary: The Otis real estate market had 10 homes for sale in November 2024, a 28.6% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 5 | 3 | -40.0% |
| 3 Bedrooms | 6 | 5 | -16.7% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Otis housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 40%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 3 | 2 | -33.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Otis, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Otis in November 2024, down by 33.3% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Otis, OR
How long does it take to sell a home in Otis, OR?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 7 Days | 47 Days | +533.3% |
Summary: Homes in Otis had an average of 47 days on market in Nov 2024, up by 533.3% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Otis are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 2 homes were sold in Otis; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
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