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 March 2023
At the same time last year, Otter Tail County was a Seller's Market.
Key Takeaway
Otter Tail County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Otter Tail County, MN
How much do homes in Otter Tail County, MN cost?
Median Sold Price
$272,966
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Otter Tail County have sold for 7.5% more than they did a year ago.
Summary: The median home sold price in Otter Tail County was $272,966 in March 2024, up 7.5% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $176.5K | $125.5K | -28.9% |
| 2 Bedrooms | $207K | $229.7K | +11.0% |
| 3 Bedrooms | $237.8K | $276K | +16.1% |
| 4 Bedrooms | $340K | $330K | -2.9% |
| 5+ Bedrooms | $306.5K | $340K | +10.9% |
Summary: Otter Tail County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 28.9%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 16.1%, 4 bedroom homes decreased by 2.9%, and 5+ bedroom homes increased by 10.9%.
Median Sold Price Compared To Nearby Counties
| Grant County | $152.9K | $175.4K | +14.7% |
| Otter Tail County | $254K | $272.9K | +7.5% |
| Wadena County | $180K | $189.5K | +5.3% |
| Wilkin County | $158K | $152K | -3.8% |
| Becker County | $356.4K | $315.5K | -11.5% |
Housing Supply in Otter Tail County, MN
How many homes are available in Otter Tail County, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 227 | 291 | +28.2% |
Summary: The Otter Tail County real estate market had 291 homes for sale in March 2024, a 28.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 7 | 0.0% |
| 2 Bedrooms | 40 | 68 | +70.0% |
| 3 Bedrooms | 108 | 129 | +19.4% |
| 4 Bedrooms | 53 | 64 | +20.8% |
| 5+ Bedrooms | 19 | 23 | +21.1% |
Summary: The Otter Tail County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 70%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 20.8%, and 5+ bedroom homes increased by 21.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 23 | 38 | +65.2% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otter Tail County, you may be able to get a good deal. 71.1% of homes here sold below asking price last month.
Summary: A total of 38 homes were sold or pending in Otter Tail County in March 2024, up by 65.2% month-over-month. Of the 38 sold homes, 71% were sold under asking, 16% were sold at asking, and 13% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 76 Days | 63 Days | -17.6% |
Summary: Homes in Otter Tail County had an average of 63 days on market in Mar 2024, down by 17.6% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Otter Tail County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 38 homes were sold in Otter Tail County; 39% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 34% of homes were sold over 90 days.
