Otsego, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Otsego, MI Housing Market Trends

With 3,994 people, 1,724 houses or apartments, and a median cost of homes of $169,436, house prices in Otsego are solidly below the national average.

Single-family detached homes are the single most common housing type in Otsego, accounting for 80.21% of the city's housing units. Other types of housing that are prevalent in Otsego include large apartment complexes or high rise apartments ( 8.31%), duplexes, homes converted to apartments or other small apartment buildings ( 7.80%), and a few row houses and other attached homes ( 3.67%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Otsego. Owner-occupied housing accounts for 66.22% of Otsego's homes, and 66.50% have either three or four bedrooms, which is average sized relative to America.

The housing in Otsego was primarily built before 1939 ( 42.48%), making the housing stock in Otsego some of the oldest overall in America, although there is a range of ages of homes in Otsego. The next most important housing age is between 1940-1969 ( 27.03%), followed by between 1970-1999 ( 25.40%). There's also some housing in Otsego built between 2000 and later ( 5.10%).

Vacant housing appears to be an issue in Otsego. Fully 12.09% of the housing stock is classified as vacant. Left unchecked, vacant Otsego homes and apartments can be a drag on the real estate market, holding Otsego real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Otsego Home Appreciation Rates

Appreciation rates for homes in Otsego have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 65.17%, which ranks in the top 30% nationwide. This equates to an annual average Otsego house appreciation rate of 5.15%.

NeighborhoodScout's data show that during the latest twelve months, Otsego's appreciation rate, at 10.30%, has been at or slightly above the national average. In the latest quarter, Otsego's appreciation rate has been 3.16%, which annualizes to a rate of 13.25%.

Relative to Michigan, our data show that Otsego's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$169,436

Otsego, MI HOME PRICES

> $1,275,000
0.0%
0.0%
$956,001 - $1,275,000
0.3%
0.3%
$638,001 - $956,000
0.9%
0.9%
$510,001 - $638,000
0.9%
0.9%
$383,001 - $510,000
3.2%
3.2%
$255,001 - $383,000
15.0%
15.0%
$128,001 - $255,000
50.6%
50.6%
$64,001 - $128,000
19.5%
19.5%
$0 - $64,000
9.6%
9.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for MI

Value Relative To Nation

Number Of Homes And Apartments:
1,724

Otsego Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
50.73% 1.93%
7
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,131 / per month

Homeownership Rate

Owners
66.2%
66.2%
Renters
33.8%
33.8%
Vacant
12.1%
12.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.1%
5.1%
1970 - 1999
25.4%
25.4%
1940 - 1969
27.0%
27.0%
1939 or Older
42.5%
42.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
80.2%
80.2%
Townhomes
3.7%
3.7%
Small Apt. Buildings
7.8%
7.8%
Apt. Complexes
8.3%
8.3%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.5%
0.5%
1 Bedroom
10.9%
10.9%
2 Bedrooms
21.2%
21.2%
3 Bedrooms
49.6%
49.6%
4 Bedrooms
16.9%
16.9%
5 or more bedrooms
1.0%
1.0%
0.0% 100.0%
% OF HOMES