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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 a population of 4,069, 1,641 total housing units (homes and apartments), and a median house value of $237,932, 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 79.47% of the city's housing units. Other types of housing that are prevalent in Otsego include large apartment complexes or high rise apartments ( 11.30%), duplexes, homes converted to apartments or other small apartment buildings ( 5.62%), and a few row houses and other attached homes ( 3.61%).

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 71.35% of Otsego's homes, and 68.92% have either three or four bedrooms, which is average sized relative to America.

The housing in Otsego was primarily built before 1939 ( 34.75%), 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 1970-1999 ( 30.62%), followed by between 1940-1969 ( 27.12%). There's also some housing in Otsego built between 2000 and later ( 7.51%).

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 105.69%, which ranks in the top 30% nationwide. This equates to an annual average Otsego house appreciation rate of 7.48%.

Appreciation rates are so strong in Otsego that despite a nationwide downturn in the housing market, Otsego real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Otsego appreciation rates continue to be some of the highest in America, at 7.90%, which is higher than appreciation rates in 85.95% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Otsego. Otsego appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.51%.

Importantly, this makes Otsego one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Otsego's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$237,932

Otsego, MI Home Prices
> $1,321,000
$991,001 - $1,321,000
$661,001 - $991,000
$528,001 - $661,000
$397,001 - $528,000
$264,001 - $397,000
$132,001 - $264,000
$66,001 - $132,000
$0 - $66,000
0.0%
0.0%
1.1%
1.1%
1.7%
1.7%
2.3%
2.3%
7.8%
7.8%
25.5%
25.5%
44.8%
44.8%
11.7%
11.7%
5.1%
5.1%
0% 100.0%
% of Homes
Average

for Michigan

Average

for nation

Number of Homes And Apartments:

1,641

Otsego Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,593 / per month

Homeownership Rate

Owners
Renters
71.3%
71.3%
28.7%
28.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.9%
5.9%
94.1%
94.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.5%
7.5%
30.6%
30.6%
27.1%
27.1%
34.7%
34.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
79.5%
79.5%
3.6%
3.6%
5.6%
5.6%
11.3%
11.3%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
5.8%
5.8%
24.0%
24.0%
55.5%
55.5%
13.4%
13.4%
1.3%
1.3%
0% 100.0%
% of Homes

Popular Neighborhoods in Otsego

Zip Codes in Otsego, MI