Otsego, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Otsego, MI Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Otsego Housing Market Information

With 3,991 people, 1,729 houses or apartments, and a median cost of homes of $127,756, 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 70.46% of the city's housing units. Other types of housing that are prevalent in Otsego include duplexes, homes converted to apartments or other small apartment buildings ( 15.29%), large apartment complexes or high rise apartments ( 7.75%), and a few row houses and other attached homes ( 6.50%).

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 65.99% of Otsego's homes, and 53.77% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Otsego's housing was primarily built during this period, from the '40s through the '60s. A full 33.39% of the city's housing hails from this era. Other housing ages represented in Otsego include homes built between 1970-1999 ( 30.16%) and housing constructed before 1939 ( 29.95%). There's also some housing in Otsego built between 2000 and later ( 6.50%).

Vacant housing appears to be an issue in Otsego. Fully 10.09% 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

Real estate appreciation rates in Otsego's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.60% during the period.

NeighborhoodScout's data show that during the latest twelve months, Otsego's appreciation rate, at 4.76%, has been at or slightly above the national average. In the latest quarter, Otsego's appreciation rate has been 0.00%, which annualizes to a rate of 0.00%.

Relative to Michigan, our data show that Otsego's latest annual appreciation rate is lower than 50% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$127,756

Otsego, MI HOME PRICES

Value Range
> $1,143,000 0.0
$857,001 - $1,143,000 0.2
$572,001 - $857,000 0.3
$457,001 - $572,000 0.2
$343,001 - $457,000 2.1
$229,001 - $343,000 10.6
$114,001 - $229,000 49.8
$57,001 - $114,000 24.4
$0 - $57,000 12.4

Average for MI
Low for Nation

Value Relative to Nation Value Relative to State
61.0394937302238 52.2435897435897

Number Of Homes And Apartments:
1,729

Otsego Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
8.80% 0.49% 6 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$768 / per month

Homeownership Rate

Homeownership
Owners 65.99
Renters 34.01
Vacant 10.09

Housing Market Details

 

Age of Homes

AGE OF Otsego HOMES
2000 or Newer 6.5
1970 - 1999 30.2
1940 - 1969 33.4
1939 or Older 30.0

Types of Homes

TYPE OF Otsego HOMES
Single-Family 70.5
Townhomes 6.5
Small Apt. Buildings 15.3
Apt. Complexes 7.7
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Otsego HOMES
No Bedroom 0.00
1 Bedroom 13.78
2 Bedrooms 31.41
3 Bedrooms 44.41
4 Bedrooms 9.36
5 or more bedrooms 1.04