Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Golden Valley County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $205,769 | $140,972 | $242,182 |
| Price Trend (Annual %) | 21.4% | 2.1% | 8.2% |
| Median Gross Rent | $855 | $934 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 3.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Golden Valley County is about 46% higher than in North Dakota. Rent is about 8% lower than the North Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Golden Valley County, up about 21.4% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Golden Valley County rose about 54.5% between 2015 and 2023, from $554 to $855. Over the same span, rent in North Dakota rose about 31.7%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Golden Valley County.
Buying the median-priced home in Golden Valley County costs roughly 20.1 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 Golden Valley County. The price-to-rent ratio in North Dakota is about 12.6.
| Metric | Golden Valley County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $205,769 | $140,972 | $242,182 |
| Median Household Income | $76,361 | $76,061 | $78,145 |
| Price-to-Income Ratio | 2.7 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Golden Valley County rose about 155.2%, while median household income rose about 161.4% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Golden Valley County | North Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.0% | 55.0% | 58.2% |
| Rental Rate | 18.2% | 31.7% | 31.3% |
| Vacancy Rate | 26.8% | 13.3% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Golden Valley County has a homeownership rate of 55.0%, about the same as the North Dakota average of 55.0%. Its housing vacancy rate is 26.8%, compared with 13.3% in North Dakota.
Housing Stock
| Metric | Golden Valley County | North Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.31 people | 2.54 people |
| Median Structure Built Year | 1963 | 1983 | 1978 |
| Median Number of Rooms | 6.3 | 5.7 | 5.5 |
The typical housing unit in Golden Valley County was built around 1963. On average, 2.5 people live in a home with about 6.3 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Golden Valley County, North Dakota.
What is the median home price in Golden Valley County, North Dakota?
The median home price in Golden Valley County, North Dakota is $205,769, higher than the North Dakota average of $140,972.
What is the average home price in Golden Valley County, North Dakota?
The typical home price in %s, reported as the median sale price, is %s. 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 Golden Valley County, North Dakota?
The median gross rent in Golden Valley County, North Dakota is $855 per month, lower than the North Dakota average of $934.
What was the median gross rent in Golden Valley County in 2020?
In 2020, the median gross rent in Golden Valley County, North Dakota was $688 per month.
What is the price-to-rent ratio in Golden Valley County, North Dakota?
The price-to-rent ratio in Golden Valley County, North Dakota is about 20.1, meaning it would take roughly 20.1 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 Golden Valley County.
Are home prices or rent rising faster in Golden Valley County, North Dakota?
Both home prices and rent are rising in Golden Valley County, up about 21.4% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Golden Valley County, North Dakota?
55.0% of households in Golden Valley County, North Dakota own their home, about the same as the North Dakota average.
What is the vacancy rate in Golden Valley County, North Dakota?
The housing vacancy rate in Golden Valley County, North Dakota is 26.8%, higher than the North Dakota average of 13.3%.