Is Fargo, ND a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$281,664
$140/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Fargo have sold for 2.7% more than they did a year ago.
Summary: The median home sold price in Fargo was $281,664 in March 2024, up 2.7% from last year, and the median price per square foot was $140.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $132K | $209K | +58.3% |
| 2 Bedrooms | $171.2K | $180.4K | +5.3% |
| 3 Bedrooms | $247.2K | $258K | +4.3% |
| 4 Bedrooms | $335K | $347.7K | +3.8% |
| 5+ Bedrooms | $458K | $520K | +13.5% |
Summary: Fargo housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 58.3%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 13.5%.
Median Sold Price Compared To Nearby Cities
| Fargo | $274.1K | $281.6K | +2.7% |
| West Fargo | $317.2K | $325K | +2.4% |
Housing Supply in Fargo, ND
How many homes are available in Fargo, ND?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 386 | 374 | -3.1% |
Summary: The Fargo real estate market had 374 homes for sale in March 2024, a 3.1% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 12 | +33.3% |
| 2 Bedrooms | 66 | 56 | -15.2% |
| 3 Bedrooms | 133 | 123 | -7.5% |
| 4 Bedrooms | 118 | 118 | 0.0% |
| 5+ Bedrooms | 60 | 65 | +8.3% |
Summary: The Fargo housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes decreased by 15.2%, 3 bedroom homes decreased by 7.5%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 63 | 56 | -11.1% |
Asking Price vs. Sold Price
29 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Fargo, you may be able to get a good deal. 51.8% of homes here sold below asking price last month.
Summary: A total of 56 homes were sold or pending in Fargo in March 2024, down by 11.1% month-over-month. Of the 56 sold homes, 52% were sold under asking, 32% were sold at asking, and 16% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 49 Days | 61 Days | +23.4% |
Summary: Homes in Fargo had an average of 61 days on market in Mar 2024, up by 23.4% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Fargo are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 56 homes were sold in Fargo; 50% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
