Otsego Real Estate Market Report: August 2024
In August 2024, the median sale price in Otsego was $396,000, down 2.2% from a year earlier.
- Median Sales Price
- $396,000
- -2.2% vs. August 2023
- Homes for Sale
- 103
- +13.2% vs. August 2023
- Months Supply
- 3.1
- +40.9% vs. August 2023
- Balanced market
- Days on Market
- 34
- +0% vs. August 2023
- Closed Sales
- 32
- -34.7% vs. August 2023
- Percent of Original List Received
- 98.8%
- +0.8 pts vs. August 2023
What this means
The median sale price has decreased by 2% from last year to $396,000, and a similar trend in price per square foot suggests this is a real move in values rather than a change in the mix of homes selling.
Homes are averaging 34 days on market, in line with last year, and sellers are receiving 98.8% of their original asking price.
The area is currently a balanced market with 3.1 months of supply. Active inventory is up 13% from last year to 103 homes for sale.
In a balanced market, neither side has a steep advantage, making careful pricing for sellers and steady negotiation for buyers the key to success.
Common questions about the Otsego market
Is Otsego a buyer's or seller's market?
Otsego was a balanced market in August 2024, with 3.1 months of supply. Under about 3 months generally favors sellers, 3 to 6 months is considered balanced, and over 6 months favors buyers. There were 103 homes for sale.
How fast are homes selling in Otsego?
Homes that sold in August 2024 spent an average of 34 days on market, about the same as a year earlier. Sellers received 98.8% of their original list price on average.
Are home prices going up in Otsego?
No. The median sale price fell 2.2% year over year to $396,000. Price per square foot moved in the same direction (from $188 to $186), which suggests a real change in values rather than a shift in the mix of homes sold.
Market trends in Otsego
| Month | Median sale price | Closed sales | Days on market | Months supply |
|---|---|---|---|---|
| July 2023 | $425,000 | 43 | 43 | 2.6 |
| August 2023 | $405,000 | 49 | 34 | 2.2 |
| September 2023 | $416,709 | 34 | 36 | 2.5 |
| October 2023 | $446,055 | 39 | 48 | 2.4 |
| November 2023 | $399,900 | 49 | 32 | 2.4 |
| December 2023 | $356,250 | 16 | 36 | 1.9 |
| January 2024 | $390,000 | 19 | 59 | 2.2 |
| February 2024 | $427,495 | 34 | 63 | 2.3 |
| March 2024 | $422,495 | 36 | 72 | 2.2 |
| April 2024 | $429,900 | 47 | 54 | 2.3 |
| May 2024 | $452,500 | 34 | 45 | 2.1 |
| June 2024 | $410,000 | 40 | 40 | 2.7 |
| July 2024 | $425,000 | 33 | 43 | 2.7 |
| August 2024 | $396,000 | 32 | 34 | 3.1 |
How Otsego compares with the Twin Cities region
In August 2024, the median sale price in Twin Cities (16-County Region) was $389,000.
More to explore
Data: NorthstarMLS Local Market Update via 10K Research, published September 4, 2026.
Report published .
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