The median home value of single-family homes and condos in Otter Tail County is $242,848. This value is seasonally adjusted to remove outliers and only includes the middle price-tier of homes. Otter Tail County home values have gone up 1.8% over the past year and Zillow predicts they will rise 4.0% within the next year. This forecast represents quite an increase over last month.
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Market Temperature- Hot for Sellers for Now
Even with a pandemic and economic uncertainty, home values remain strong in Otter Tail County and most of Minnesota. With inventory for sale relatively low, and demand remaining fairly high, we will continue to see a market favoring sellers. However, with historically low interest rates, buyers may pay a little more, but their monthly payments are the same or less than when interest rates were higher.
Take away: If you are thinking about selling, contact us immediately. If you are buying, we can help you with alerts as soon as a new property hits the market, because you will have to move fast when you find the right home.
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.
On Thursday, October 08, 2020, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.050% with an APR of 3.360%. The average 15-year fixed mortgage rate is 2.560% with an APR of 2.870%. The 5/1 adjustable-rate mortgage (ARM) rate is 3.090% with an APR of 4.040%.
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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 market value as property tax.
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