The North Dakota housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 3.1% year-over-year, reaching $282,800. This rise indicates a steady appreciation in home values, reflecting a robust demand in the market.

Conversely, the Median List Price has decreased by 2.0% year-over-year, now standing at $323,900. This decline suggests that sellers may be adjusting their expectations to align with market conditions, potentially due to increased competition or changing buyer preferences.

The median Price Per Square Foot has seen a significant increase of 6.4% year-over-year, now at $159. This growth highlights a strong demand for space, as buyers are willing to pay more per square foot. Similarly, the Median List Price per square foot has surged by 18.5% year-over-year, reaching $181, indicating that sellers are capitalizing on this demand.

In terms of sales activity, the number of Homes Sold has risen by 4.4% year-over-year, totaling 215 homes. However, Pending Sales have dropped sharply by 20.1% year-over-year, with 290 transactions currently in progress. This decline in Pending Sales could signal a potential slowdown in future sales activity.

New Listings have decreased by 18.6% year-over-year, with only 250 homes entering the market. This reduction in New Listings, coupled with a 30.8% year-over-year decrease in inventory, now at 763 homes, suggests a tightening market with fewer options available for buyers.

The Months of Supply have dramatically decreased by 180.0% year-over-year, now at 3.5 months. This significant drop indicates a seller's market, where demand outpaces supply, leading to quicker sales and potentially higher prices.

The Median Days on Market have decreased by 9.0% year-over-year, now at 77 days. This reduction suggests that homes are selling faster, further emphasizing the competitive nature of the current market.

The average sale to list ratio has improved slightly by 0.7% year-over-year, now at 97.3%. This indicates that homes are selling closer to their list prices, reflecting a balanced negotiation environment between buyers and sellers.

The sold above list ratio has seen a minor decrease of 0.3% year-over-year, now at 6.0%. This slight decline suggests that while some homes are still selling above list price, the frequency of such transactions may be diminishing.

Price Drops have increased by 0.5% year-over-year, now at 13.0%. This uptick indicates that some sellers are adjusting their prices to attract buyers in a competitive market.

The percentage of homes going off market in two weeks has risen by 10.0% year-over-year, now at 43.4%. This increase highlights the swift pace of transactions, as buyers are acting quickly to secure properties in a market with limited inventory.