Fargo, ND Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Fargo, ND Housing Market Trends

With a population of 124,662, 54,571 total housing units (homes and apartments), and a median house value of $229,622, Fargo real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Fargo, accounting for 49.90% of the city's housing units. Other types of housing that are prevalent in Fargo include single-family detached homes ( 33.68%), row houses and other attached homes ( 8.78%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.93%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

People in Fargo primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Fargo has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Fargo built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Fargo built between 2000 and later ( 31.91%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.53%). There's also some housing in Fargo built before 1939 ( 8.18%).

Fargo Home Appreciation Rates

Appreciation rates for homes in Fargo have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 47.73%, which ranks in the top 50% nationwide. This equates to an annual average Fargo house appreciation rate of 3.98%.

Over the last year, Fargo appreciation rates have trailed the rest of the nation. In the last twelve months, Fargo's appreciation rate has been 4.02%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fargo were at 1.04%, which equates to an annual appreciation rate of 4.23%.

Notably, Fargo's appreciation rate in the latest quarter is one of the lowest in America.

Relative to North Dakota, our data show that Fargo's latest annual appreciation rate is lower than 80% of the other cities and towns in North Dakota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fargo differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fargo - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Fargo real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$229,622

Fargo, ND HOME PRICES

> $1,116,000
1.0%
1.0%
$837,001 - $1,116,000
0.7%
0.7%
$558,001 - $837,000
3.8%
3.8%
$446,001 - $558,000
4.6%
4.6%
$335,001 - $446,000
12.8%
12.8%
$223,001 - $335,000
29.1%
29.1%
$112,001 - $223,000
37.7%
37.7%
$56,001 - $112,000
4.6%
4.6%
$0 - $56,000
5.6%
5.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

High for ND

Value Relative To Nation

Number Of Homes And Apartments:
54,571

Fargo Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ND*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
100.40% 3.29%
2
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$941 / per month

Homeownership Rate

Owners
41.9%
41.9%
Renters
58.1%
58.1%
Vacant
8.5%
8.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
31.9%
31.9%
1970 - 1999
44.4%
44.4%
1940 - 1969
15.5%
15.5%
1939 or Older
8.2%
8.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
33.7%
33.7%
Townhomes
8.8%
8.8%
Small Apt. Buildings
5.9%
5.9%
Apt. Complexes
49.9%
49.9%
Mobile Homes
1.6%
1.6%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.1%
4.1%
1 Bedroom
16.7%
16.7%
2 Bedrooms
35.6%
35.6%
3 Bedrooms
24.3%
24.3%
4 Bedrooms
13.7%
13.7%
5 or more bedrooms
5.6%
5.6%
0.0% 100.0%
% OF HOMES