Otter Tail County Real Estate Market Report
Updated May 5, 2020—
The median home value in Otter Tail County is $240,622. Otter Tail County home values have gone up 3.0% over the past year. Zillow is now predicting home values to fall off slightly, -2.4% within the next year.
The median list price per square foot in Otter Tail County is $188, which is the same as the Fergus Falls Metro average of $188. The median price of homes currently listed in Otter Tail County is $217,900 while the median price of homes that sold is $178,000.
Would you like 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.
Market Temperature- Very Hot for Sellers, Good for Buyers too
Otter Tail County is still considered a hot seller’s market as low interest rates attract buyers and investors, even during COVID-19. Home prices have leveled off, making good opportunities for buyers. The market temperature is based on three metrics: the list-to-sale price ratio, the prevalence of price cuts on home listings, and time-on-market. It provides information on the current balance of bargaining power between buyers and sellers in this region relative to that balance historically, enabling buyers and sellers to see trends in their local housing market temperature.
Take away: It’s a good time to sell. However, with historically low mortgage interest rates and stabilized prices, it’s also a good time to buy.
View Otter Tail County Homes for Sale
Market Details
Looking for information Grant or Douglas County? We’ve got you covered. Browse listings by County or City. Or drop us a line- we would be happy to provide a custom report.
Interest Rates
On May 5, 2020, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.53 percent with an APR of 3.76 percent. The average 15-year fixed mortgage rate is 3.1 percent with an APR of 3.33 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 3.32 percent with an APR of 3.89 percent.
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Otter Tail County Median Property Tax
The median property tax in Otter Tail County, Minnesota is $1,046 per year for a home worth the median value of $158,600. Otter Tail County collects, on average, 0.66% of a property’s assessed fair market value as property tax.
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