Is Fargo, ND a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
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
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $161.8K | $208K | +28.5% |
| 2 Bedrooms | $170.3K | $185K | +8.6% |
| 3 Bedrooms | $249.9K | $261.1K | +4.5% |
| 4 Bedrooms | $344K | $335.9K | -2.4% |
| 5+ Bedrooms | $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 | $325K | $329.9K | +1.5% |
| Fargo | $279.5K | $281.3K | +0.6% |
Housing Supply in Fargo, ND
How many homes are available in Fargo, ND?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,022 | 1,156 | +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
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 48 | 51 | +6.3% |
| 2 Bedrooms | 143 | 161 | +12.6% |
| 3 Bedrooms | 339 | 388 | +14.5% |
| 4 Bedrooms | 344 | 378 | +9.9% |
| 5+ Bedrooms | 148 | 178 | +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 2024 | May 2024 | CHANGE |
|---|---|---|
| 188 | 201 | +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
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 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 9 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
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.
