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.

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How the North Dakota housing market stacks up

Father and kids in a hay field
Fam Veld / Shutterstock
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.

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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.

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