Is Otter Tail County, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Otter Tail County was a Seller's Market.
Housing Prices in Otter Tail County, MN
How much do homes in Otter Tail County, MN cost?
Median Sold Price
$284,958
$151/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Otter Tail County was $284,958 in May 2024, up 16% from last year, and the median price per square foot was $151.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $195K | $128.5K | -34.1% |
2 Bedrooms | $200K | $231.5K | +15.8% |
3 Bedrooms | $226.3K | $285.6K | +26.2% |
4 Bedrooms | $320K | $350K | +9.4% |
5+ Bedrooms | $322K | $340K | +5.6% |
Summary: Otter Tail County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 34.1%, 2 bedroom homes increased by 15.8%, 3 bedroom homes increased by 26.2%, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes increased by 5.6%.
Median Sold Price Compared To Nearby Counties
Grant County | $141K | $178.9K | +26.9% |
Otter Tail County | $245.6K | $284.9K | +16.0% |
Wadena County | $185K | $195K | +5.4% |
Wilkin County | $145.4K | $145K | -0.3% |
Becker County | $365.2K | $339.7K | -7.0% |
Housing Supply in Otter Tail County, MN
How many homes are available in Otter Tail County, MN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
364 | 450 | +23.6% |
Summary: The Otter Tail County real estate market had 450 homes for sale in May 2024, a 23.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 14 | 26 | +85.7% |
2 Bedrooms | 97 | 113 | +16.5% |
3 Bedrooms | 151 | 185 | +22.5% |
4 Bedrooms | 76 | 94 | +23.7% |
5+ Bedrooms | 26 | 32 | +23.1% |
Summary: The Otter Tail County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 85.7%, 2 bedroom homes increased by 16.5%, 3 bedroom homes increased by 22.5%, 4 bedroom homes increased by 23.7%, and 5+ bedroom homes increased by 23.1%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
57 | 59 | +3.5% |
Asking Price vs. Sold Price
31 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 59 homes were sold or pending in Otter Tail County in May 2024, up by 3.5% month-over-month. Of the 59 sold homes, 53% were sold under asking, 19% were sold at asking, and 29% were sold over asking.
Days on Market for Otter Tail County, MN
How long does it take to sell a home in Otter Tail County, MN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
53 Days | 54 Days | +1.4% |
Summary: Homes in Otter Tail County had an average of 54 days on market in May 2024, up by 1.4% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Summary: During May 2024, 59 homes were sold in Otter Tail County; 53% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.