Market Overview
Home Prices in Otter Lake, MI
The median home value in Otter Lake, MI is $234,389 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6.5% compared to a year ago and up 0.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Otter Lake are priced43% below average. Otter Lake is part of the Detroit-Warren-Dearborn, MI metro area.
Over the past five years, Otter Lake home values have risen by approximately19.0%, reflecting steady appreciation in this market.
Price History
Otter Lake Home Price Trend
City Comparison
Otter Lake vs. National Median
At $234,389, homes in Otter Lake cost 43% below the national median of $410,000. This makes Otter Lake a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Otter Lake?
20% Down Payment
$46,878
on $234,389
Monthly P&I
$1,222/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,552/mo
incl. taxes & insurance
Income Needed
$62,080
gross annual (30% rule)
10% Down Option
$23,439
+ PMI applies
Loan Amount (20% dn)
$187,511
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Otter Lake, MI?
The median home value in Otter Lake is $234,389 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6.5% year-over-year.
How much have home prices changed in Otter Lake?
Over the past year, home values in Otter Lake have increased by 6.5%. Over five years, prices have risen approximately 19.0%.
How much do I need to earn to buy a home in Otter Lake?
To comfortably afford the median home price of $234,389 with a 20% down payment ($46,878) at today's rates (6.8%), you'd need a gross annual income of approximately $62,080. This assumes keeping total housing costs at or below 30% of gross income.
How does Otter Lake compare to the national average home price?
The national median home value is approximately $410,000. At $234,389, homes in Otter Lake are 43% below the national average.
What metro area is Otter Lake part of?
Otter Lake is part of the Detroit-Warren-Dearborn, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.