The median home price in the US has broken records this year, swelling to over $350k in June. Have these rising costs made their way to North Dakota?
Overall, the median home price in North Dakota is much lower, coming in at around $235k. However, these prices are a bit higher than they were last year as more out-of-staters flock to the Roughrider State.
As North Dakota’s biggest city, Fargo has seen quite a population boom. Are Fargo’s housing costs affordable, nonetheless?
Read on to find out more about housing costs in Fargo, North Dakota.
Can You Find Cheap Housing in Fargo?
If you’re considering moving to Fargo from a smaller city or town in North Dakota, you may find Fargo’s higher prices a bit off-putting. The good news is that the median cost of housing in Fargo isn’t that much higher than the rest of North Dakota. In fact, it’s not hard to find a great house for sale in Fargo for around $250k.
If you’re moving from another city in the US, you may find the price tag on Fargo housing to be a pleasant surprise! Inflated housing costs tend to hit cities the hardest, and in some cities like Washington DC or San Francisco, you’d be hardpressed to find a house for under $500k.
Will Fargo Housing Prices Continue to Rise?
No matter where you live, you’re bound to discover inflated prices when searching “houses for sale near me.” While North Dakota hasn’t seen inflation at the same rates as other states, the cost of housing has risen. Will this keep happening?
If you’re new to the real estate market, you may not be familiar with the cycles it tends to go through. Right now, there’s a high demand for housing (lots of buyers looking) and a low supply (not a lot of new or existing homes on the market). This creates a lot of competition for sellers and allows buyers to raise their asking price and sell to the highest bidder.
However, this will inevitably reach a crescendo, possibly in the next year. As more homeowners decide to cash in on this seller’s market, the supply will start to rise. When the supply starts to even out with the demand, the prices will stop creeping ever upward.
How Can I Find Fargo Houses for Sale in My Budget?
What’s the best way that buyers can find housing in their budget in the midst of a seller’s market? Work with a real estate company that knows the area well.
Head to https://www.hatchrealty.com/ if you want to find great homes in your budget in Fargo, North Dakota. These agents will make your home-buying (and selling) process faster, more enjoyable, and far less stressful!
North Dakota Is Still a Reliable State for Cheap Housing
Is North Dakota still a great place to live if you want cheap housing? The answer is yes! Even major cities like Fargo haven’t been hit by the massive wave of inflation that is driving up the cost of housing elsewhere.
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