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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Fargo is a neutral's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Fargo was a Seller's Market.

Key Takeaway

Fargo is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Fargo, ND

How much do homes in Fargo, ND cost?

Median Sold Price

$279,450

$139/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$4,793(+1.7%)

Key Takeaway

Homes in Fargo have sold for 1.7% more than they did a year ago.

Summary: The median home sold price in Fargo was $279,450 in February 2024, up 1.7% from last year, and the median price per square foot was $139.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $123.5K$208K
+68.4%
2 $170K$180.2K
+6.0%
3 $249.9K$255K
+2.0%
4 $334.9K$345.7K
+3.2%
5+ $460K$488.4K
+6.2%

Summary: Fargo housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 68.4%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 3.2%, and 5+ bedroom homes increased by 6.2%.

Median Sold Price Compared To Nearby Cities

West Fargo
+2.6%
Fargo
+1.7%

Housing Supply in Fargo, ND

How many homes are available in Fargo, ND?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
329368+11.9%

Summary: The Fargo real estate market had 368 homes for sale in February 2024, a 11.9% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 810
+25.0%
2 5161
+19.6%
3 121128
+5.8%
4 102111
+8.8%
5+ 4758
+23.4%

Summary: The Fargo housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 19.6%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 8.8%, and 5+ bedroom homes increased by 23.4%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
6658-12.1%

Asking Price vs. Sold Price

37 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

13 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. 63.8% of homes here sold below asking price last month.

Summary: A total of 58 homes were sold or pending in Fargo in February 2024, down by 12.1% month-over-month. Of the 58 sold homes, 64% were sold under asking, 14% were sold at asking, and 22% 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

Feb 2023Feb 2024CHANGE
69 Days65 Days-5.7%

Summary: Homes in Fargo had an average of 65 days on market in Feb 2024, down by 5.7% compared to last year.

Breakdown of Home Sale Times

25 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

18 Homes Were 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 February 2024, 58 homes were sold in Fargo; 43% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 31% 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 27 Days Ago

Newest Listings in Fargo, ND

Nearby Markets to Fargo, ND

What housing markets are near Fargo, ND?