Is Fargo, ND a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Fargo is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Fargo has remained a Seller's Market.

Key Takeaway

Fargo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Fargo, ND

How much do homes in Fargo, ND cost?

Median Sold Price

$281,355

$141/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$1,793(+0.6%)

Key Takeaway

Homes in Fargo have sold for 0.6% more than they did a year ago.

Summary: The median home sold price in Fargo was $281,355 in May 2024, up 0.6% from last year, and the median price per square foot was $141.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $161.8K$208K
+28.5%
2 $170.3K$185K
+8.6%
3 $249.9K$261.1K
+4.5%
4 $344K$335.9K
-2.4%
5+ $485K$487K
0.4%

Summary: Fargo housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 28.5%, 2 bedroom homes increased by 8.6%, 3 bedroom homes increased by 4.5%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 0.4%.

Median Sold Price Compared To Nearby Cities

West Fargo
+1.5%
Fargo
+0.6%

Housing Supply in Fargo, ND

How many homes are available in Fargo, ND?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1,0221,156+13.1%

Summary: The Fargo real estate market had 1,156 homes for sale in May 2024, a 13.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 4851
+6.3%
2 143161
+12.6%
3 339388
+14.5%
4 344378
+9.9%
5+ 148178
+20.3%

Summary: The Fargo housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.3%, 2 bedroom homes increased by 12.6%, 3 bedroom homes increased by 14.5%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes increased by 20.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
188201+6.9%

Asking Price vs. Sold Price

87 Homes Were Sold
Under Asking

42 Homes Were Sold
At Asking

72 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Fargo, you may be able to get a good deal. 43.3% of homes here sold below asking price last month.

Summary: A total of 201 homes were sold or pending in Fargo in May 2024, up by 6.9% month-over-month. Of the 201 sold homes, 43% were sold under asking, 21% were sold at asking, and 36% were sold over asking.

Days on Market for Fargo, ND

How long does it take to sell a home in Fargo, ND?

Average Sale Time

May 2023May 2024CHANGE
22 Days9 Days-56.9%

Summary: Homes in Fargo had an average of 9 days on market in May 2024, down by 56.9% compared to last year.

Breakdown of Home Sale Times

70 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Fargo are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 201 homes were sold in Fargo; 35% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

Newest Listings in Fargo, ND

Nearby Markets to Fargo, ND

What housing markets are near Fargo, ND?