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 | Grand Forks County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,719 | $140,972 | $242,182 |
| Price Trend (Annual %) | -0.7% | 2.1% | 8.2% |
| Median Gross Rent | $970 | $934 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 3.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Grand Forks County is about 15% higher than in North Dakota. Rent is about 4% higher than the North Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Grand Forks County: home prices fell about 0.7% a year while rent rose about 3.2% a year. That is an unusual pattern worth watching.
Median rent in Grand Forks County rose about 27.2% between 2015 and 2023, from $763 to $970. Over the same span, rent in North Dakota rose about 31.7%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in Grand Forks County.
Buying the median-priced home in Grand Forks County costs roughly 14.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Grand Forks County. The price-to-rent ratio in North Dakota is about 12.6.
| Metric | Grand Forks County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $162,719 | $140,972 | $242,182 |
| Median Household Income | $68,149 | $76,061 | $78,145 |
| Price-to-Income Ratio | 2.4 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Grand Forks County rose about 94.0%, while median household income rose about 60.4% between 2009 and 2023 — 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 | Grand Forks County | North Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.9% | 55.0% | 58.2% |
| Rental Rate | 44.1% | 31.7% | 31.3% |
| Vacancy Rate | 8.0% | 13.3% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Grand Forks County has a homeownership rate of 47.9%, lower than the North Dakota average of 55.0%. Its housing vacancy rate is 8.0%, compared with 13.3% in North Dakota.
Housing Stock
| Metric | Grand Forks County | North Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.31 people | 2.54 people |
| Median Structure Built Year | 1983 | 1983 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Grand Forks County was built around 1983. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Grand Forks County, North Dakota.
What is the median home price in Grand Forks County, North Dakota?
The median home price in Grand Forks County, North Dakota is $162,719, higher than the North Dakota average of $140,972.
What is the average home price in Grand Forks 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 Grand Forks County, North Dakota?
The median gross rent in Grand Forks County, North Dakota is $970 per month, higher than the North Dakota average of $934.
What was the median gross rent in Grand Forks County in 2020?
In 2020, the median gross rent in Grand Forks County, North Dakota was $828 per month.
What is the price-to-rent ratio in Grand Forks County, North Dakota?
The price-to-rent ratio in Grand Forks County, North Dakota is about 14.0, meaning it would take roughly 14.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Grand Forks County.
Are home prices or rent rising faster in Grand Forks County, North Dakota?
Home prices and rent are moving in opposite directions in Grand Forks County: home prices fell about 0.7% a year while rent rose about 3.2% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Grand Forks County, North Dakota?
47.9% of households in Grand Forks County, North Dakota own their home, lower than the North Dakota average of 55.0%.
What is the vacancy rate in Grand Forks County, North Dakota?
The housing vacancy rate in Grand Forks County, North Dakota is 8.0%, lower than the North Dakota average of 13.3%.