Updated June 4, 2019— The median home value in Otter Tail County is $180,100. Otter Tail County home values have gone up 3.4% over the past year and Zillow predicts they will rise 0.2% within the next year. The median list price per square foot in Otter Tail County is $88, which is the same as the Fergus Falls Metro average of $88. The median price of homes currently listed in Otter Tail County is $224,950 while the median price of homes that sold is $184,600. Note this does not include listings outside of the MLS.
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Market Temperature- Warm for Sellers, Good for Buyers too
Home sales in the region are still favorable for sellers, but the rise in prices we’ve seen in the past few years is leveling off. For example, Zillow previously predicted home values would rise 2.5% this year, and now are predicting a 0.2% rise. Sellers, take this with a grain of salt- the median home price rose significantly this month. However, moderate prices and favorable interest rates makes good opportunities for buyers too.
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From the MN Department of Revenue Property Tax Division audit of 2018 property values:
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.
RE trends that will affect 2019
We can help both buyers and sellers translate this data for your particular area or neighborhood. Sellers looking to market their property should be preparing now. With inventory still low, buyers will face a competitive marketplace, so make sure you are prepared listings are hitting the market now for a busy summer season.
A harsh winter likely will negatively affect the percentage of closed sales this year. List prices are predicted to increase, but at a much slower pace. Homes in Minnesota also continue to appreciate in value, but at a rate slightly lower than the national average. Data collected on home appreciation values over a five-year period from 2012 to 2017 show that homes appreciated by 37.4% across the country, and by 31% in Minnesota.
Whether buying or selling, please contact us for a specific market analysis for the area you are interested in, to get the best value for your real estate investment.
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