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 | Ward County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $166,552 | $140,972 | $242,182 |
| Price Trend (Annual %) | 3.0% | 2.1% | 8.2% |
| Median Gross Rent | $1,000 | $934 | $1,342 |
| Rent Trend (Annual %) | 0.6% | 3.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ward County is about 18% higher than in North Dakota. Rent is about 7% higher 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 Ward County, up about 3.0% and 0.6% a year respectively. Home prices are changing faster.
Median rent in Ward County rose about 8.9% between 2015 and 2023, from $919 to $1,000. Over the same span, rent in North Dakota rose about 31.7%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Ward County.
Buying the median-priced home in Ward County costs roughly 13.9 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 Ward County. The price-to-rent ratio in North Dakota is about 12.6.
| Metric | Ward County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $166,552 | $140,972 | $242,182 |
| Median Household Income | $80,273 | $76,061 | $78,145 |
| Price-to-Income Ratio | 2.1 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Ward County rose about 22.5%, while median household income rose about 68.7% 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 | Ward County | North Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.1% | 55.0% | 58.2% |
| Rental Rate | 33.3% | 31.7% | 31.3% |
| Vacancy Rate | 12.6% | 13.3% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Ward County has a homeownership rate of 54.1%, lower than the North Dakota average of 55.0%. Its housing vacancy rate is 12.6%, compared with 13.3% in North Dakota.
Housing Stock
| Metric | Ward County | North Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.31 people | 2.54 people |
| Median Structure Built Year | 1984 | 1983 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Ward County was built around 1984. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ward County, North Dakota.
What is the median home price in Ward County, North Dakota?
The median home price in Ward County, North Dakota is $166,552, higher than the North Dakota average of $140,972.
What is the average home price in Ward 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 Ward County, North Dakota?
The median gross rent in Ward County, North Dakota is $1,000 per month, higher than the North Dakota average of $934.
What was the median gross rent in Ward County in 2020?
In 2020, the median gross rent in Ward County, North Dakota was $939 per month.
What is the price-to-rent ratio in Ward County, North Dakota?
The price-to-rent ratio in Ward County, North Dakota is about 13.9, meaning it would take roughly 13.9 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 Ward County.
Are home prices or rent rising faster in Ward County, North Dakota?
Both home prices and rent are rising in Ward County, up about 3.0% and 0.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ward County, North Dakota?
54.1% of households in Ward County, North Dakota own their home, lower than the North Dakota average of 55.0%.
What is the vacancy rate in Ward County, North Dakota?
The housing vacancy rate in Ward County, North Dakota is 12.6%, lower than the North Dakota average of 13.3%.