North Dakota Housing Market: November 2024 Analysis
The North Dakota housing market in November 2024 presents a dynamic landscape characterized by rising prices and a notable increase in sales activity. The Median Sales Price has reached $291,900, marking a 3.2% increase year-over-year (YoY). Similarly, the Median List Price stands at $294,600, reflecting a 2.9% YoY rise. These figures indicate a steady appreciation in property values, suggesting a robust demand in the market.
One of the most striking trends is the significant increase in the median Price Per Square Foot, which has surged by 14.3% YoY to $155. The Median List Price per square foot has also seen a substantial rise of 14.9% YoY, reaching $159. This sharp increase underscores a competitive market where buyers are willing to pay more per unit area, possibly due to limited inventory and high demand.
Sales activity has been vigorous, with 394 Homes Sold, representing a 13.9% YoY increase. Pending Sales have also risen by 11.3% YoY, totaling 364. This uptick in sales activity is complemented by a 7.7% YoY increase in New Listings, which now number 308. However, the inventory has decreased by 14.3% YoY to 1,123, indicating a tightening market with fewer available homes.
The Months of Supply, a critical indicator of market balance, has dramatically decreased by 90.0% YoY to 2.9 months. This sharp decline suggests a strong seller's market, where demand significantly outpaces supply. Homes are also selling faster, with the Median Days on Market dropping by 24.0% YoY to 44 days, further emphasizing the competitive nature of the current market.
The average sale to list ratio has improved slightly by 0.8% YoY, reaching 97.6%, indicating that homes are selling closer to their asking prices. However, the percentage of Homes Sold above list price has decreased slightly by 0.9% YoY to 10.7%. This could suggest that while demand remains high, buyers are becoming more price-sensitive.
Price Drops have increased by 9.9% YoY, affecting 21.9% of listings. This rise in price reductions may indicate that some sellers are adjusting their expectations in response to buyer feedback or market conditions. Additionally, the percentage of homes going off the market in two weeks has increased by 14.2% YoY to 30.4%, highlighting the swift pace at which homes are being snapped up.
Overall, the North Dakota housing market in November 2024 is characterized by rising prices, increased sales activity, and a competitive environment driven by limited inventory. Buyers face a challenging market with rapidly appreciating prices, while sellers benefit from strong demand and quick sales.
