56573 — Otter Tail County, Minnesota Market Snapshot
Housing market data for zip code 56573 in Otter Tail County, Minnesota. Updated monthly with median prices, days on market, and more.
Market Sales Data
17 sales in 2026 (year to date)
Median Sale Price
$379,000
Days to Sell
90
Homes Sold
17
Inventory
48
Sale-to-List
96.1%
New Listings
47
Price/SqFt
$173
Pending Sales
25
Conforming Loan Available
Most homebuyers in 56573 can comfortably use conventional financing. The median home price of $379,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Market Insights
Market Temperature
With homes sitting for 90 days on average, 56573 favors buyers. There may be opportunities to negotiate below asking price or request seller concessions for closing costs or rate buydowns.
Sale-to-List Ratio
The average home in 56573 sells for 3.9% below asking price (96.1% sale-to-list), suggesting buyers have negotiating leverage in the current market.
Conforming Loan Feasibility
Most homebuyers in 56573 can comfortably use conventional financing. The median home price of $379,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Loan limits in 56573 are set at the county level.
2026 Loan Limits — Otter Tail County
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $832,750 | $541,287 |
| 2 Units | $1,066,250 | $693,050 |
| 3 Units | $1,288,800 | $837,700 |
| 4 Units | $1,601,750 | $1,041,125 |
Affordability Snapshot — Zip 56573
To purchase the median home at $379,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $3,054.
Monthly Payment
$3,054
Income Required
$130,876
Principal & Interest
$2,335/mo
Down Payment (5%)
$18,950
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 56573.
Estimated Monthly Payment
$2,496
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