Minot, 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

Minot, ND Housing Market Trends

With a population of 47,382, 20,979 total housing units (homes and apartments), and a median house value of $223,688, Minot real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Minot, accounting for 45.06% of the city's housing units. Other types of housing that are prevalent in Minot include large apartment complexes or high rise apartments ( 29.48%), duplexes, homes converted to apartments or other small apartment buildings ( 11.27%), and a few row houses and other attached homes ( 7.31%).

People in Minot primarily live in small (one, two or no bedroom) single-family detached homes. Minot has a mixture of owner-occupied and renter-occupied housing.

Minot homes and real estate are some of the newest in America. 34.67% of Minot's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Minot real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 32.54%), and between 1940-1969 ( 24.31%). There's also some housing in Minot built before 1939 ( 8.48%).

Vacant housing appears to be an issue in Minot. Fully 13.07% of the housing stock is classified as vacant. Left unchecked, vacant Minot homes and apartments can be a drag on the real estate market, holding Minot real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Minot Home Appreciation Rates

Minot's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Minot during the period has been just 2.61%, which is lower than 70% of US communities.

Over the last year, Minot appreciation rates have trailed the rest of the nation. In the last twelve months, Minot's appreciation rate has been 4.32%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Minot were at -0.10%, which equates to an annual appreciation rate of -0.40%.

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

Relative to North Dakota, our data show that Minot's latest annual appreciation rate is lower than 60% 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 Minot differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Minot - 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 Minot real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$223,688

Minot, ND HOME PRICES

> $1,060,000
0.7%
0.7%
$795,001 - $1,060,000
0.0%
0.0%
$530,001 - $795,000
1.0%
1.0%
$424,001 - $530,000
3.8%
3.8%
$318,001 - $424,000
11.7%
11.7%
$212,001 - $318,000
35.0%
35.0%
$106,001 - $212,000
33.8%
33.8%
$53,001 - $106,000
5.7%
5.7%
$0 - $53,000
8.3%
8.3%
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:
20,979

Minot 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
139.88% 4.15%
4
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,188 / per month

Homeownership Rate

Owners
55.2%
55.2%
Renters
44.8%
44.8%
Vacant
13.1%
13.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
34.7%
34.7%
1970 - 1999
32.5%
32.5%
1940 - 1969
24.3%
24.3%
1939 or Older
8.5%
8.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
45.1%
45.1%
Townhomes
7.3%
7.3%
Small Apt. Buildings
11.3%
11.3%
Apt. Complexes
29.5%
29.5%
Mobile Homes
6.9%
6.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
13.3%
13.3%
2 Bedrooms
34.1%
34.1%
3 Bedrooms
28.8%
28.8%
4 Bedrooms
15.6%
15.6%
5 or more bedrooms
6.1%
6.1%
0.0% 100.0%
% OF HOMES