The median home value in Otter Tail County is $183,000. Otter Tail County home values have gone up 1.9% over the past year and Zillow predicts they will rise 1.0% within the next year. The median list price per square foot in Otter Tail County is $194, which is the same as the Fergus Falls Metro average of $194. The median price of homes currently listed in Otter Tail County is $229,900.
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Market Temperature- Very Hot for Sellers, Good for Buyers too
Otter Tail County is now considered a very hot seller’s market (upgraded from hot last month). 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 great time to sell. However, with low mortgage interest rates, it’s also a good time to buy.
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The FED and Interest Rates
The 30-year fixed mortgage rate continues to remain low, currently at 3.71% as of today, according to BankRate.com. With home sale prices leveling off, it should encourage more buyers to enter the market.
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From the MN Department of Revenue
Property Tax Division audit of 2018 property values:
In case you missed it…no adjustments were made by the State to County assessed values in Otter Tail County. OTC Land value: $3,100 acre tillable, $1,500 acre non-tillable.
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