Real estate trends have been a bit unexpected, starting with the pandemic, and continuing through 2021. While there was early caution over COVID-19 slowing real estate activity, demand in many communities has risen. At the same time, economic uncertainty kept many homeowners in place, especially those that refinanced with historically low interest rates, creating a shortage in inventory. Supply chain woes slowed new construction. Yet, people continue to look for new homes, with high demand expected to continue, even as interest rates rise. Lets take a look at state and local data over the past year.

State Trends

West Central Trends

Otter Tail County Market Summary

In December 2021, Otter Tail County home prices were up 32.1% compared to last year, selling for a median price of $278K. On average, homes in Otter Tail County sell after 40 days on the market compared to 72 days last year. There were 70 homes sold in December this year, up from 65 last year.

The average residential list price in Otter Tail County for the year was $291,778. The average sold price was $274,562.

Interest rates are starting to rise. Buyers, if you are on the fence, jump in now. An increase in rates could add up to a lot. See our article on where interest rates are headed.

Sellers, we have buyers looking right now. With low inventory, under most circumstances you can expect a good price and efficient sale. Please contact us to list your property today.


Keep Up to Date

Information is helpful when you are buying, selling, or just thinking about a move. Each month we provide a detailed real estate market report for Otter Tail County. We would be happy to provide you a detailed report of listings and sales in your neighborhood, or perhaps one you would like to move to? Email us at info@homesandlakeshore.com or use the contact form – we’d love to help.

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