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 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
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
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $124.9K | $195K | +56.1% |
| 2 Bedrooms | $191.6K | $221.5K | +15.6% |
| 3 Bedrooms | $245K | $245.7K | 0.3% |
| 4 Bedrooms | $307.5K | $325K | +5.7% |
| 5+ Bedrooms | $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 | $166K | $190K | +14.5% |
| Wilkin County | $165K | $174K | +5.5% |
| Becker County | $325K | $330.2K | +1.6% |
| Otter Tail County | $252.6K | $254.7K | +0.8% |
| Grant County | $165K | $145K | -12.1% |
Housing Supply
How many homes are available in Otter Tail County, MN?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 449 | 473 | +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
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 17 | 20 | +17.6% |
| 2 Bedrooms | 103 | 112 | +8.7% |
| 3 Bedrooms | 201 | 201 | 0.0% |
| 4 Bedrooms | 93 | 103 | +10.8% |
| 5+ Bedrooms | 35 | 37 | +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 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 91 | 104 | +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
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 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 29 Days | 31 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
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.
Listings courtesy of NorthStar of Minnesota / Regional Multiple Listing Service of Minnesota Inc. as distributed by MLS GRID.