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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 131,444 people, 56,890 houses or apartments, and a median cost of homes of $326,333, 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 49.14% of the city's housing units. Other types of housing that are prevalent in Fargo include single-family detached homes ( 34.98%), row houses and other attached homes ( 8.93%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.05%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

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 ( 35.08%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.54%). There's also some housing in Fargo built before 1939 ( 8.27%).

Fargo Home Appreciation Rates

Fargo's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Fargo during the period has been just 4.98%, which is lower than 70% of US communities.

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 3.32%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Fargo were at -0.72%, which equates to an annual appreciation rate of -2.84%.

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 90% 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

$326,333

Fargo, ND Home Prices
> $1,203,000
$903,001 - $1,203,000
$602,001 - $903,000
$481,001 - $602,000
$361,001 - $481,000
$241,001 - $361,000
$120,001 - $241,000
$60,001 - $120,000
$0 - $60,000
0.9%
0.9%
1.5%
1.5%
4.7%
4.7%
9.2%
9.2%
21.9%
21.9%
36.4%
36.4%
18.3%
18.3%
3.1%
3.1%
3.9%
3.9%
0% 100.0%
% of Homes
Very High

for North dakota

High

for nation

Number of Homes And Apartments:

56,890

Fargo Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,148 / per month

Homeownership Rate

Owners
Renters
42.2%
42.2%
57.8%
57.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
8.3%
8.3%
91.7%
91.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
35.1%
35.1%
40.1%
40.1%
16.5%
16.5%
8.3%
8.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
35.0%
35.0%
8.9%
8.9%
5.0%
5.0%
49.1%
49.1%
1.8%
1.8%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.9%
5.9%
16.4%
16.4%
34.4%
34.4%
24.0%
24.0%
13.6%
13.6%
5.9%
5.9%
0% 100.0%
% of Homes