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 | Ransom County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $135,415 | $140,972 | $242,182 |
| Price Trend (Annual %) | 19.8% | 2.1% | 8.2% |
| Median Gross Rent | $710 | $934 | $1,342 |
| Rent Trend (Annual %) | 3.1% | 3.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ransom County is about 4% lower than in North Dakota. Rent is about 24% lower than the North Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2021
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Ransom County, up about 19.8% and 3.1% a year respectively. Home prices are changing faster.
Median rent in Ransom County rose about 22.4% between 2015 and 2023, from $580 to $710. Over the same span, rent in North Dakota rose about 31.7%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Ransom County.
Buying the median-priced home in Ransom County costs roughly 15.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Ransom County. The price-to-rent ratio in North Dakota is about 12.6.
| Metric | Ransom County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $135,415 | $140,972 | $242,182 |
| Median Household Income | $74,355 | $76,061 | $78,145 |
| Price-to-Income Ratio | 1.8 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2021, the median home price in Ransom County fell about 30.8%, while median household income rose about 70.3% 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 | Ransom County | North Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.7% | 55.0% | 58.2% |
| Rental Rate | 22.1% | 31.7% | 31.3% |
| Vacancy Rate | 9.2% | 13.3% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Ransom County has a homeownership rate of 68.7%, higher than the North Dakota average of 55.0%. Its housing vacancy rate is 9.2%, compared with 13.3% in North Dakota.
Housing Stock
| Metric | Ransom County | North Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.31 people | 2.54 people |
| Median Structure Built Year | 1966 | 1983 | 1978 |
| Median Number of Rooms | 6.4 | 5.7 | 5.5 |
The typical housing unit in Ransom County was built around 1966. On average, 2.3 people live in a home with about 6.4 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ransom County, North Dakota.
What is the median home price in Ransom County, North Dakota?
The median home price in Ransom County, North Dakota is $135,415, lower than the North Dakota average of $140,972.
What is the average home price in Ransom 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 Ransom County, North Dakota?
The median gross rent in Ransom County, North Dakota is $710 per month, lower than the North Dakota average of $934.
What was the median gross rent in Ransom County in 2020?
In 2020, the median gross rent in Ransom County, North Dakota was $755 per month.
What is the price-to-rent ratio in Ransom County, North Dakota?
The price-to-rent ratio in Ransom County, North Dakota is about 15.9, meaning it would take roughly 15.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Ransom County.
Are home prices or rent rising faster in Ransom County, North Dakota?
Both home prices and rent are rising in Ransom County, up about 19.8% and 3.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ransom County, North Dakota?
68.7% of households in Ransom County, North Dakota own their home, higher than the North Dakota average of 55.0%.
What is the vacancy rate in Ransom County, North Dakota?
The housing vacancy rate in Ransom County, North Dakota is 9.2%, lower than the North Dakota average of 13.3%.