Market Overview

• Median Home Price: Around $278,800, reflecting a significant year-over-year increase.
• Days on Market: Homes are selling quickly, often within 19 days of being listed.
• Inventory: The market has a low supply, with only about 3.3 months of available housing—indicative of a strong seller's market.
• Sale-to-List Price Ratio: Homes are typically selling very close to their asking prices, suggesting limited room for negotiation.

• Price Growth: Home values have been steadily rising, with annual appreciation nearing 5%.
• Buyer Behavior: A notable portion of homes are still being purchased above asking price, though the majority are slightly under, showing a mix of competitiveness and caution.
• Mortgage Rates: Interest rates for home loans are ranging from the mid-5% to just over 6%, affecting overall affordability and purchasing power.

• Fargo: Experiencing strong demand thanks to growth in the technology, education, and agriculture sectors.
• Bismarck: Continues to offer relatively low living costs, especially in terms of rent, making it attractive for budget-conscious renters and first-time buyers.

• For Buyers: Expect a competitive environment with limited inventory and rising prices. Those who act quickly and come in prepared (e.g., pre-approved financing) will fare better.
• For Sellers: Conditions are favorable. Properties are moving fast, often at or near asking price, making this a good time to list and potentially benefit from appreciation.