Otter Tail County Housing Market Trends
In November 2022, Otter Tail County home prices were down 18.6% compared to last year, selling for a median price of $195K. On average, homes in Otter Tail County sell after 24 days on the market compared to 27 days last year. There were 55 homes sold in November this year, down from 73 last year.
Otter Tail County Housing Trends Over Time
Looking for information on other areas? You can browse listings by County or City on our website. Or drop us a line- we would be happy to provide a custom report.
Take away: If you are thinking about selling, contact us immediately. Inventory remains low, so if you are buying, we can help you with alerts as soon as a new property hits the market. You will have to move fast when you find the right home.
Mortgage rates in Minnesota at the end of December, 2022 had declined slightly, to 6.57% for a 30-year fixed and 6.09% for a 15-year fixed.
Mortgage Rates on the Rise. After a decade of low rates, mortgage interests have climbed to their highest levels since the Great Recession. Rates are close to 7 percent for a 30-year fixed interest mortgage in Minnesota. The typical home price in Minnesota is $333,225, well below the national median of $389,500. Home prices in Minnesota were up 4.3 percent year-over-year in August, so you may experience a strong return on your investment if you purchase a home in the state.
Otter Tail County Median Property Tax
The averarage property tax in Otter Tail County, Minnesota is 0.810% which results in $2,025 in property taxes per year for a home with an assessed value of $250,000.