Lake Odessa, MI—48849
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake Odessa, MI
As of Oct '25, the median home price in Lake Odessa, MI is $247,000, with a year-over-year change of 6.6%. This indicates that home prices in Lake Odessa, MI are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $247,000 | 6.6% |
| Single Family | $247,000 | 7.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $210,000 | 7.7% |
3 Bed | $256,000 | 6.7% |
4 Bed | $297,000 | 6.1% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lake Odessa, MI
As of July '25, Rentcast reports the average rent in Lake Odessa, MI is $1,300, with a year-over-year rent change of 8.3%. Per bedroom, the median rent as of July '25 in Lake Odessa, MI is 2-bedrooms: $1,300. The most common rental property sizes in Lake Odessa, MI are 3-bedroom and 2-bedroom, accounting for 40.4% and 23.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,300 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,300 | $1,300 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Lake Odessa, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake Odessa, MI is 72. This is a increase of 44.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 46.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $287,000 | 19.0% |
Listing Count | 13 | -33.0% |
| Listings as % of Homes | 0.4% | -33.0% |
Days on Market | 72 | 44.0% |
Demographics — Lake Odessa, MI
As of the latest ACS Survey released in 2023, Lake Odessa, MI has a population of 5,800, which has decreased by -3.2% over the past 5 years. Lake Odessa, MI is a moderately popular place for families, as children make up 22.9% of the population. The area has a poorly educated workforce, with 17.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,800 | -3.2% |
% Under 18 | 22.9% | -9.5% |
% Seniors | 16.7% | 4.4% |
% WFH | 10.4% | 188.9% |
% w/ College Degree | 17.8% | 11.2% |
As of the latest ACS Survey released in 2023, Lake Odessa, MI is a predominantly white area, with 90.2% of the population identifying as white. The white population has grown by 2.5% in the last 5 years. The second most common race or ethnicity in Lake Odessa, MI is hispanic, making up 2.3% of the population. Foreign-born residents account for 1.2% of the population in Lake Odessa, MI, and this percentage has decreased by 29.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 90.2% | 2.5% |
% Black | 1.6% | -33.3% |
% Hispanic | 2.3% | -68.9% |
% Asian | 0.5% | -28.6% |
% Foreign Born | 1.2% | -29.4% |
Mortgage and Risk — Lake Odessa, MI
According to HUD data as of 2023, there were 98 mortgage originations in Lake Odessa, MI, of which 78.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Lake Odessa, MI. Investor activity is low, as 2.0% of loans were by investors. 23.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 98 |
% Conventional Loans | 78.0% |
% Government Loans | 22.0% |
% Investor Loans | 2.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 23.0% |
Loan Activity
Rentals and Section 8 — Lake Odessa, MI
Lake Odessa, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 62 |
Total Units Section 8 | 62 |
% Rentals under Section 8 | 23.1% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $820 |
| 2 Bedroom | -$220 | $1,300 | $1,080 |
| 3 Bedroom | N/A | N/A | $1,340 |
| 4 Bedroom | N/A | N/A | $1,620 |
Affordability — Lake Odessa, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $247,000 |
| Median Household Income | $79,400 |