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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 22,424, 6,759 total housing units (homes and apartments), and a median house value of $475,123, Otsego real estate is some of the most expensive in Minnesota, although Otsego home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Otsego, accounting for 78.81% of the city's housing units. Other types of housing that are prevalent in Otsego include row houses and other attached homes ( 17.01%), mobile homes or trailers ( 2.87%), and a few large apartment complexes or high rise apartments ( 1.31%).
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 89.08% of Otsego's homes, and 66.93% have either three or four bedrooms, which is average sized relative to America.
Otsego homes and real estate are some of the newest in America. 73.36% of Otsego's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Otsego real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 21.85%), and between 1940-1969 ( 2.72%). There's also some housing in Otsego built before 1939 ( 2.07%).
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 98.98%, which ranks in the top 40% nationwide. This equates to an annual average Otsego house appreciation rate of 7.12%.
Over the last year, Otsego appreciation rates have trailed the rest of the nation. In the last twelve months, Otsego's appreciation rate has been 2.86%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Otsego were at 2.27%, which equates to an annual appreciation rate of 9.37%.
Relative to Minnesota, our data show that Otsego's latest annual appreciation rate is lower than 50% of the other cities and towns in Minnesota.
$475,123
for Minnesota
for nation
6,759
$2,363 / per month