Fargo, North Dakota Housing Market Prices
Fargo Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 129% above the North Dakota median$288,180
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Median rent 1% below the North Dakota median$942
Housing Market Overview
| Metric | Fargo | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $288,180 | $125,877 | $248,835 |
| Price Trend (Annual %) | 8.4% | 0.5% | 7.5% |
| Median Gross Rent | $942 | $953 | $1,407 |
| Rent Trend (Annual %) | 3.7% | 3.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fargo is about 129% higher than in North Dakota. Rent is about 1% lower than the North Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Fargo, up about 8.4% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Fargo rose about 37.0% between 2015 and 2024, from $688 to $942. Over the same span, rent in North Dakota rose about 34.4%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Fargo.
Buying the median-priced home in Fargo costs roughly 25.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fargo. The price-to-rent ratio in North Dakota is about 11.0.
| Metric | Fargo | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $288,180 | $125,877 | $248,835 |
| Median Household Income | $65,882 | $76,862 | $80,455 |
| Price-to-Income Ratio | 4.4 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Fargo rose about 147.4%, while median household income rose about 67.1% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Fargo | North Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.3% | 55.2% | 58.5% |
| Rental Rate | 53.6% | 32.6% | 31.2% |
| Vacancy Rate | 6.1% | 12.3% | 10.2% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
Fargo has a homeownership rate of 40.3%, lower than the North Dakota average of 55.2%. Its housing vacancy rate is 6.1%, compared with 12.3% in North Dakota.
Housing Stock
| Metric | Fargo | North Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.07 people | 2.29 people | 2.53 people |
| Median Structure Built Year | 1987 | 1984 | 1978 |
| Median Number of Rooms | 4.7 | 5.7 | 5.5 |
The typical housing unit in Fargo was built around 1987. On average, 2.1 people live in a home with about 4.7 rooms, staying for about 10.0 years on average.
Fargo, ND Housing Compared With Nearby Cities
How Fargo, ND compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Fargo, ND | 124,648 | $288,180 #1/2 | $942 #2/2 | 42.9% #2/2 |
| West Fargo, ND | 37,364 | $231,814 | $1,097 | 63.3% |
Frequently Asked Questions
Common questions about the housing market in Fargo, North Dakota.
What is the median home price in Fargo, North Dakota?
The median home price in Fargo, North Dakota is $288,180, higher than the North Dakota average of $125,877.
What is the average home price in Fargo, North Dakota?
The typical home price in Fargo, North Dakota, reported as the median sale price, is $288,180. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Fargo, North Dakota?
The median gross rent in Fargo, North Dakota is $942 per month, lower than the North Dakota average of $953.
What was the median gross rent in Fargo in 2020?
In 2020, the median gross rent in Fargo, North Dakota was $818 per month.
What is the price-to-rent ratio in Fargo, North Dakota?
The price-to-rent ratio in Fargo, North Dakota is about 25.5, meaning it would take roughly 25.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Fargo.
Are home prices or rent rising faster in Fargo, North Dakota?
Both home prices and rent are rising in Fargo, up about 8.4% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fargo, North Dakota?
40.3% of households in Fargo, North Dakota own their home, lower than the North Dakota average of 55.2%.
What is the vacancy rate in Fargo, North Dakota?
The housing vacancy rate in Fargo, North Dakota is 6.1%, lower than the North Dakota average of 12.3%.
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