Is Otsego County, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Otsego County was a Seller's Market.
Key Takeaway
Otsego County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Otsego County, NY
How much do homes in Otsego County, NY cost?
Median Sold Price
$203,525
$123/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Otsego County have sold for 9.7% more than they did a year ago.
Summary: The median home sold price in Otsego County was $203,525 in May 2024, up 9.7% from last year, and the median price per square foot was $123.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $140K | $153.4K | +9.6% |
| 2 Bedrooms | $140K | $171K | +22.1% |
| 3 Bedrooms | $185K | $192.5K | +4.1% |
| 4 Bedrooms | $216.2K | $225K | +4.0% |
| 5+ Bedrooms | $261.5K | $264.9K | +1.3% |
Summary: Otsego County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.6%, 2 bedroom homes increased by 22.1%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 1.3%.
Median Sold Price Compared To Nearby Counties
| Schoharie County | $184.3K | $217K | +17.7% |
| Otsego County | $185.5K | $203.5K | +9.7% |
| Madison County | $224.3K | $211.1K | -5.9% |
Housing Supply in Otsego County, NY
How many homes are available in Otsego County, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 215 | 222 | +3.3% |
Summary: The Otsego County real estate market had 222 homes for sale in May 2024, a 3.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 5 | -16.7% |
| 2 Bedrooms | 24 | 33 | +37.5% |
| 3 Bedrooms | 85 | 81 | -4.7% |
| 4 Bedrooms | 52 | 51 | -1.9% |
| 5+ Bedrooms | 48 | 52 | +8.3% |
Summary: The Otsego County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 37.5%, 3 bedroom homes decreased by 4.7%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 31 | 28 | -9.7% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otsego County, you may be able to get a good deal. 64.3% of homes here sold below asking price last month.
Summary: A total of 28 homes were sold or pending in Otsego County in May 2024, down by 9.7% month-over-month. Of the 28 sold homes, 64% were sold under asking, 14% were sold at asking, and 21% were sold over asking.
Days on Market for Otsego County, NY
How long does it take to sell a home in Otsego County, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 43 Days | 64 Days | +47.8% |
Summary: Homes in Otsego County had an average of 64 days on market in May 2024, up by 47.8% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Otsego County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 28 homes were sold in Otsego County; 57% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
The data relating to real estate on this website comes in part from the Internet Data Exchange program of the Global MLS (GMLS). All information is deemed reliable but not guaranteed and should be independently verified. All properties subject to prior sale, change, or withdrawal. Neither listing broker(s), GMLS shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. 
Listings courtesy of OneKey MLS as distributed by MLS GRID.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the OneKey™ MLS. Real Estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. This information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.