North Dakota
Housing Market
The landscape of North Dakota's housing market evolves with shifting home prices and demand. Houzeo’s housing market report tracks these changes in supply and demand across DC. Our report offers real-time insights to help you make informed decisions.
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MigrationNorth Dakota Housing Market Overview
As of January 2025, North Dakota housing prices have grown 7.7% YoY. This constant increase indicates the strength of the housing market. Currently, the median home price in North Dakota is $278,000. The number of homes sold also increased by 5% YoY.
You can further check the market’s competitiveness through the median days on market. Homes for sale in North Dakota now spend only 64 days on the market before going under contract. Together, all these metrics collectively indicate changes in the North Dakota housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
You can further check the market’s competitiveness through the median days on market. Homes for sale in North Dakota now spend only 64 days on the market before going under contract. Together, all these metrics collectively indicate changes in the North Dakota housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: You have less negotiation power, as the mortgage rate is a steep 6.89%. However, North Dakota homes for sale take only 64 days to go under contract, so you can buy your house when the competition is low and home prices drop.
- If You're a Seller: The current 7.7% increase in the average home price in ND gives you more opportunities to profit from the sale of your home.
Median Sale Price
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North Dakota Housing Supply
North Dakota’s housing supply will grow as new construction expands. In January 2025, the number of North Dakota homes for sale was reduced by 26.3% YoY. With only 3.3 months of supply, the market favors sellers. Fewer months of supply point to a seller’s market, while more months indicate a buyer’s market.
What Does It Mean for Home Buyers and Sellers?
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: With limited inventory and reduced growth in homes for sale, competition is fierce. 3.3 months of supply and the 7.7% rise in the median home price in ND signal a seller’s market. So, you may have to endure a bidding war to buy your dream North Dakota home.
- If You're a Seller: This is the right time to put your North Dakota home for sale. The median price is rising, and the number of days on the market is reducing. Try to sell before new inventory hits the real estate market in North Dakota. To attract buyers, focus on staging and marketing your home.
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North Dakota Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell for more than the list price, it shows strong buyer competition and high demand. A decline suggests more supply. Tracking this trend helps you gauge market competitiveness.
In January 2025, 7.2% of homes sold above the list price, while 17.8% saw price reductions. The 97.5% sale-to-list price ratio allows buyers to negotiate better deals.
What Does It Mean for Home Buyers and Sellers?
In January 2025, 7.2% of homes sold above the list price, while 17.8% saw price reductions. The 97.5% sale-to-list price ratio allows buyers to negotiate better deals.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: 17.8% of homes are sold below the listing price, and the sale-to-list price ratio is below 100%. This means the North Dakota housing market favors home buyers despite being a seller’s market.
- If You're a Seller:Although the market is in your favor, only 7.2% of houses for sale in ND are sold above the listing price. You must strategically use the limited inventory to profit from your sale. Furthermore, focus on staging and marketing your home for sale in North Dakota.
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Seller’s Market
Seller: Housing demand exceeds supply and drives the prices up. Homes sell fast and get multiple offers from buyers.
Is it a Buyer's or Seller's Market in North Dakota?
As of January 2025, home sellers in the ND real estate market have an advantage due to increased prices and limited supply. The median days on market, which has reduced by 38 days, also favors sellers. Additionally, a 21.2% decrease in new home listings limits the options for new home buyers.
These trends vary significantly within North Dakota’s diverse markets. Before deciding to invest, check your city's local real estate trends.
North Dakota Housing Market Insights
The North Dakota housing market is more competitive than the national average, and home prices are rising fast. The median home price in North Dakota is $278,800, lower than the national median of $418,489. However, inventory is tightening, with just 826 homes available, making the shortage more severe than in the U.S. overall.
Bismarck’s housing market is incredibly competitive. The median home price jumped 13.5% year over year to $479,900, with a 98.73% sale-to-list ratio, reinforcing a strong seller’s market. In contrast, Grafton’s median price dropped 52.2% year over year to $138,000, highlighting local market variations. Buyers should factor in moving expenses and HOA fees when planning their purchase.
Bismarck’s housing market is incredibly competitive. The median home price jumped 13.5% year over year to $479,900, with a 98.73% sale-to-list ratio, reinforcing a strong seller’s market. In contrast, Grafton’s median price dropped 52.2% year over year to $138,000, highlighting local market variations. Buyers should factor in moving expenses and HOA fees when planning their purchase.
Nationwide Migration Trends
The cost of living in North Dakota is 94.6% (5.4% lower than the national average). Yet, North Dakota ranks 8th on the list of states with the most outbound migration. As of January 2025, 57.8% of moves in ND were outbound, a number that has risen by 2.6% since 2019. Harsh winters and a limited scope of education and job opportunities are the major reasons for this outbound migration.
The state also experienced 58% inbound migration in 2025. Work was one major reason people moved to North Dakota. Cities like Fargo, Bismarck, Grand Forks, Minot, and Williston are the best places to live in North Dakota. These cities are known for their growing job market, good schools, low crime rates, great economy, and good healthcare facilities.
The state also experienced 58% inbound migration in 2025. Work was one major reason people moved to North Dakota. Cities like Fargo, Bismarck, Grand Forks, Minot, and Williston are the best places to live in North Dakota. These cities are known for their growing job market, good schools, low crime rates, great economy, and good healthcare facilities.
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Frequently Asked Questions
How have home prices in North Dakota changed over the past year?
North Dakota’s median home prices have continued to rise over the past years at an average growth rate of 7.7% YoY. A significant 21.2% decrease in the inventory tilts the North Dakota housing market in the buyers’ favor. Some regions have witnessed a double-digit percentage growth. You can check your home’s fair market value with our free home value estimator.
When will the North Dakota home prices drop?
The prices of North Dakota houses might not drop anytime soon. Statewide prices rose 7.7% year over year in January 2025, and markets like Fargo saw significant price gains. Moreover, the number of houses for sale in North Dakota decreased by 21.2%. With such a decrease in inventory, the demand for and prices of North Dakota housing will increase in 2025.
What’s the average price of the homes for sale in ND?
The average home price in North Dakota depends on factors like property type, size, and local market trends. Condos typically cost around $362,000, while single-family homes average $434,000. For a more precise estimate, check Houzeo’s housing market overview. If you're looking for affordable options, explore the cheapest places to live in ND.
What are the ND housing market predictions for 2025?
The North Dakota real estate market favors home sellers, with rising prices and shrinking inventory driving higher profits. While now is a good time to sell, the best window is expected between May and July. Finding good deals will be challenging for buyers as prices climb and inventory tightens.
Is this a good time to buy a home or sell a home in North Dakota?
As of January 2025, demand and prices for ND homes are rising, while inventory continues to decline, creating an advantage for sellers. Although mortgage rates remain affordable and some homes are selling with price drops, this isn't the best time to buy a house in North Dakota.
How does the North Dakota housing market compare to the national market?
North Dakota's housing market surpasses national performance. Homes sell quicker and closer to their listing prices. Increasing demand and a decrease in supply lead to higher prices, which drives the North Dakota housing market above national averages.
What are the steps to buy a home in North Dakota?
The steps to buy a house in North Dakota start with having a clear idea of budget and a mortgage pre-approval. Once that is in place, you can submit offers, secure loans, and complete the closing process.
How can I list my home for sale in North Dakota?
You can list your home for sale with a Flat Fee MLS North Dakota listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in North Dakota?
The average mortgage rate for buyers in the North Dakota housing market fluctuates between 5.54% and 6.08%. It depends on the market and the borrower's credit score. Always check current rates with lenders.
What is the average cost of living in North Dakota?
The average cost of living in North Dakota is 94.6, which is 5.4% lower than the national average. Necessities such as food, clothing, and groceries are around 1% higher than the national average. The housing costs in North Dakota are 16% lower than the national average. A typical condo in North Dakota costs $362,000, with regional price variations. A single-family home sells for $434,000. Check your local region’s cost of living using our free cost of living calculator in North Dakota.
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