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 and Zillow predicts they will fall -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.
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Market Temperature- Hot for Sellers, Good for Buyers too
Otter Tail County is currently still a hot seller’s market, however, with slightly lower home values and record low interest rates, it is also an opportune time to buy. 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 list prices closer to sale prices, it’s also a good time to buy.
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On Monday, July 06, 2020, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.250% with an APR of 3.530%. The average 15-year fixed mortgage rate is 2.750% with an APR of 3.070%. The 5/1 adjustable-rate mortgage (ARM) rate is 3.120% with an APR of 3.870%.
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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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