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 April 2023
At the same time last year, Otter Tail County was a Seller's Market.
Key Takeaway
Otter Tail County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Otter Tail County, MN
How much do homes in Otter Tail County, MN cost?
Median Sold Price
$280,341
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Otter Tail County have sold for 12.1% more than they did a year ago.
Summary: The median home sold price in Otter Tail County was $280,341 in April 2024, up 12.1% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $168.2K | $128.5K | -23.6% |
| 2 Bedrooms | $211.7K | $229.9K | +8.6% |
| 3 Bedrooms | $233.6K | $280K | +19.9% |
| 4 Bedrooms | $334.9K | $339K | +1.2% |
| 5+ Bedrooms | $306.5K | $340K | +10.9% |
Summary: Otter Tail County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 23.6%, 2 bedroom homes increased by 8.6%, 3 bedroom homes increased by 19.9%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 10.9%.
Median Sold Price Compared To Nearby Counties
| Grant County | $150K | $178.9K | +19.3% |
| Otter Tail County | $250.1K | $280.3K | +12.1% |
| Wadena County | $180K | $189.9K | +5.5% |
| Wilkin County | $158K | $147.5K | -6.6% |
| Becker County | $355K | $322K | -9.3% |
Housing Supply in Otter Tail County, MN
How many homes are available in Otter Tail County, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 280 | 363 | +29.6% |
Summary: The Otter Tail County real estate market had 363 homes for sale in April 2024, a 29.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 15 | +114.3% |
| 2 Bedrooms | 62 | 93 | +50.0% |
| 3 Bedrooms | 126 | 152 | +20.6% |
| 4 Bedrooms | 62 | 75 | +21.0% |
| 5+ Bedrooms | 23 | 28 | +21.7% |
Summary: The Otter Tail County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 114.3%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 20.6%, 4 bedroom homes increased by 21%, and 5+ bedroom homes increased by 21.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 40 | 54 | +35.0% |
Asking Price vs. Sold Price
34 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
8 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. 63% of homes here sold below asking price last month.
Summary: A total of 54 homes were sold or pending in Otter Tail County in April 2024, up by 35.0% month-over-month. Of the 54 sold homes, 63% were sold under asking, 22% were sold at asking, and 15% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 58 Days | 73 Days | +25.7% |
Summary: Homes in Otter Tail County had an average of 73 days on market in Apr 2024, up by 25.7% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
14 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 April 2024, 54 homes were sold in Otter Tail County; 50% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 26% of homes were sold over 90 days.
