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Market ReportUpdated Dec 30, 2022

Otter Tail County Housing Market Trends

What is the housing market like in Otter Tail County today?

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.

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.

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.

View Otter Tail County Homes for Sale

Interest Rates

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.  

 

Summary
Otter Tail County Real Estate Market Report
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Otter Tail County Real Estate Market Report
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Otter Tail and surrounding MN counties real estate statistics including home values, median list and sales prices, current interest rates, updated monthly!
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