Otter Tail County Real Estate Market Report
Updated August 31, 2022
What is the housing market like in Otter Tail County? In July 2022, Otter Tail County home prices were up 9.9% compared to last year, selling for a median price of $242K. On average, homes in Otter Tail County sell after 12 days on the market compared to 43 days last year. There were 104 homes sold in July this year, down from 110 last year.This data is from the MLS and other public sources.
Sellers, we have buyers looking right now. With low inventory, under most circumstances you can expect a good price and efficient sale. Please contact us to list your property today.
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 Market Report
The housing trends for Otter Tail County appear in the data on the top and as the black line on the graph. Since we serve a large geographic region, we have added in comparison lines on the graph for Grant County (in orange) and Becker County (in green). For more detailed information on Grant, Becker, Douglas or other counties, 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
Otter Tail County Market Details
Interest Rates
On Monday, September 05, 2022, the current average rate for the benchmark 30-year fixed mortgage was 6.05%, rising 16 basis points over the last seven days. For homeowners looking to refinance, today’s national average rate for a 30-year fixed refinance is 6.03%, increasing 18 basis points over the last week.
Mortgage Rates on the Rise. As you can see, mortgage rates are on the rise. While rates hovered around 3 percent for much of 2021, they are already higher than what economists at the National Association of Realtors predicted for 2022. While still a moderate rate by historical standards, the record-setting days are behind us now, and the trend points upward from here. Now’s the chance to take advantage of today’s rates before they climb higher.
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Otter Tail County Median Property Tax
The avearage 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.
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