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: Counties in North Dakota
Housing Market Overview
| Metric | North Dakota | US Average |
|---|---|---|
| Median Home Price | $140,972 | $242,182 |
| Price Trend (Annual %) | 2.1% | 8.2% |
| Median Gross Rent | $934 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in North Dakota is about 42% lower than in US. Rent is about 30% lower than the US 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 North Dakota, up about 2.1% and 3.5% a year respectively. Rent is changing faster.
Median rent in North Dakota rose about 31.7% between 2015 and 2023, from $709 to $934. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in North Dakota.
Buying the median-priced home in North Dakota costs roughly 12.6 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 North Dakota. The price-to-rent ratio in US is about 15.0.
| Metric | North Dakota | US Average |
|---|---|---|
| Median Home Price | $140,972 | $242,182 |
| Median Household Income | $76,061 | $78,145 |
| Price-to-Income Ratio | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in North Dakota rose about 33.0%, while median household income rose about 68.5% 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 | North Dakota | US Average |
|---|---|---|
| Homeownership Rate | 55.0% | 58.2% |
| Rental Rate | 31.7% | 31.3% |
| Vacancy Rate | 13.3% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 |
North Dakota has a homeownership rate of 55.0%, lower than the US average of 58.2%. Its housing vacancy rate is 13.3%, compared with 10.6% in US.
Housing Stock
| Metric | North Dakota | US Average |
|---|---|---|
| Average Household Size | 2.31 people | 2.54 people |
| Median Structure Built Year | 1983 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 |
The typical housing unit in North Dakota was built around 1983. On average, 2.3 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in North Dakota.
What is the median home price in North Dakota?
The median home price in North Dakota is $140,972, lower than the US average of $242,182.
What is the average home price in 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 North Dakota?
The median gross rent in North Dakota is $934 per month, lower than the US average of $1,342.
What was the median gross rent in North Dakota in 2020?
In 2020, the median gross rent in North Dakota was $827 per month.
What is the price-to-rent ratio in North Dakota?
The price-to-rent ratio in North Dakota is about 12.6, meaning it would take roughly 12.6 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 North Dakota.
Are home prices or rent rising faster in North Dakota?
Both home prices and rent are rising in North Dakota, up about 2.1% and 3.5% a year respectively. Rent is changing faster.
What is the homeownership rate in North Dakota?
55.0% of households in North Dakota own their home, lower than the US average of 58.2%.
What is the vacancy rate in North Dakota?
The housing vacancy rate in North Dakota is 13.3%, higher than the US average of 10.6%.