North Dakota Housing Market Analysis - July 2024
The North Dakota housing market in July 2024 presents a dynamic landscape with notable shifts in key metrics. The median sales price has risen to $308,400, reflecting an 8.8% increase year-over-year (YoY). This upward trend in sales prices indicates a robust demand for homes in the state.
Conversely, the median list price has decreased by 7.9% YoY, now standing at $289,400. This decline suggests that sellers might be adjusting their expectations to align with market conditions, potentially to attract more buyers.
The median price per square foot has seen a significant rise of 10.1% YoY, reaching $146. This increase underscores the growing value of real estate on a per-square-foot basis. Similarly, the median list price per square foot has increased by 3.9% YoY, now at $144, indicating a steady appreciation in property values.
In terms of sales activity, 411 homes were sold in July 2024, marking a 9.6% increase YoY. Pending sales have also surged by 13.1% YoY, with 407 transactions in the pipeline. These figures highlight a strong buyer interest and a competitive market environment.
However, new listings have decreased by 7.6% YoY, totaling 484. This reduction in new listings, coupled with a significant 23.8% drop in inventory to 1,108 homes, points to a tightening supply. The months of supply metric has plummeted by 120.0% YoY to 2.7 months, further emphasizing the constrained inventory levels.
The median days on market have decreased by 31.0% YoY, now at 37 days. This reduction indicates that homes are selling faster, likely due to the high demand and limited supply. The average sale to list ratio remains strong at 99.0%, with a slight increase of 0.3% YoY, suggesting that homes are selling very close to their listing prices.
The percentage of homes sold above list price has decreased by 2.5% YoY to 15.3%, indicating a slight cooling in competitive bidding. Price drops have remained stable at 26.2%, showing no change YoY. Additionally, 45.7% of homes went off the market within two weeks, a substantial increase of 45.1% YoY, reflecting the swift pace of transactions.
Overall, the North Dakota housing market in July 2024 is characterized by rising sales prices, a tightening supply, and strong buyer activity. While sellers are adjusting list prices, the demand remains robust, leading to quick sales and competitive market conditions.
