Home Values Rising in North Dakota Amid Coronavirus Crisis
See how the housing market is doing in the Peace Garden State during COVID-19.
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Current home values in North Dakota
Home values have been rising throughout North Dakota and are up 13.0% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $271,374, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in North Dakota: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $271,374 home at 3.33% would give a typical North Dakota homebuyer a monthly payment of $954, assuming a 20% down payment.
How the North Dakota housing market stacks up
North Dakotan families can take a trip out to the hay fields for an afternoon
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in North Dakota, they're predicted to rise 3.8%.
Homes right now are going on the market in North Dakota at a median price of $111 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
North Dakota home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $237,118 |
| 2019 | $209,875 |
| 2018 | $206,983 |
| 2017 | $206,050 |
| 2016 | $199,225 |
| 2015 | $189,942 |
| 2014 | $176,258 |
| 2013 | $163,892 |
| 2012 | $148,433 |
| 2011 | $144,550 |
| 2010 | $139,217 |
| 2009 | $136,175 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in North Dakota is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $277,591 |
| 2019 | $457,500 |
| 2018 | $452,500 |
| 2017 | $452,500 |
| 2016 | $447,500 |
| 2015 | $432,500 |
| 2014 | $397,500 |
| 2013 | $367,500 |
| 2012 | $332,500 |
| 2011 | $327,500 |
| 2010 | $315,000 |
| 2009 | $310,000 |
*2020 price average through March 31, 2020.
