Is Otter Tail County, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Otter Tail County is a seller's market

Buyer's
Market

Difference Since August 2022

Since last year, Otter Tail County has remained a Seller's Market.

Key Takeaway

Otter Tail County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices

How much do homes in Otter Tail County, MN cost?

Median Sold Price

$254,733

$142/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2022

+$2,073(+0.8%)

Key Takeaway

Homes in Otter Tail County have sold for 0.8% more than they did a year ago.

Summary: The median home sold price in Otter Tail County was $254,733 in August 2023, up 0.8% from last year, and the median price per square foot was $142.

Median Sold Price By Bedroom Count

# BEDSAug 2022Aug 2023CHANGE
1 $124.9K$195K
+56.1%
2 $191.6K$221.5K
+15.6%
3 $245K$245.7K
0.3%
4 $307.5K$325K
+5.7%
5+ $341.5K$308.5K
-9.7%

Summary: Otter Tail County housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 56.1%, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes decreased by 9.7%.

Median Sold Price Compared To Nearby Counties

Wadena County
+14.5%
Wilkin County
+5.5%
Becker County
+1.6%
Otter Tail County
+0.8%
Grant County
-12.1%

Housing Supply

How many homes are available in Otter Tail County, MN?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE
449473+5.3%

Summary: The Otter Tail County real estate market had 473 homes for sale in August 2023, a 5.3% increase compared to July 2023.

Homes For Sale By Bedroom Count

# BEDSJul 2023Aug 2023CHANGE
1 1720
+17.6%
2 103112
+8.7%
3 201201
0.0%
4 93103
+10.8%
5+ 3537
+5.7%

Summary: The Otter Tail County housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 17.6%, 2 bedroom homes increased by 8.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 5.7%.

Number of Homes Sold

Jul 2023Aug 2023CHANGE
91104+14.3%

Asking Price vs. Sold Price

47 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

43 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Otter Tail County, you may be able to get a good deal. 45.2% of homes here sold below asking price last month.

Summary: A total of 104 homes were sold or pending in Otter Tail County in August 2023, up by 14.3% month-over-month. Of the 104 sold homes, 45% were sold under asking, 13% were sold at asking, and 41% were sold over asking.

Days on Market

How long does it take to sell a home in Otter Tail County, MN?

Average Sale Time

Aug 2022Aug 2023CHANGE
29 Days31 Days+5.0%

Summary: Homes in Otter Tail County had an average of 31 days on market in Aug 2023, up by 5% compared to last year.

Breakdown of Home Sale Times

66 Homes Were Sold
Under 30 Days

33 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Otter Tail County are selling fast, if you're buying plan to act quickly.

Summary: During August 2023, 104 homes were sold in Otter Tail County; 63% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 26 Days Ago

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Nearby Markets

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