Fargo Real Estate Rollercoaster: Values Plunge as Surrounding Cities Hold Premium in May 2024

Overview of Fargo’s Real Estate Market Trends

The real estate market in Fargo, North Dakota, has seen significant fluctuations over the year, from June 2023 to May 2024. Notably, the average property value started at its highest at $437,400 in June 2023 and experienced a sharp decline to $229,000 by August 2023. This pattern suggests a volatile market condition within this period. Additionally, a downward trend is evident in the average sale price per square foot, starting from $210 in June 2023 and reducing to $143 by May 2024.

The number of properties sold shows a notable peak in January 2024 with 1007 properties being transacted, which drastically drops to only 153 by May 2024. This is likely due to a seasonal trend where sales volumes peak during the winter months and taper off as the summer approaches.

Nearby cities such as Horace and Mapleton are also seeing fluctuating sales figures. Horace consistently reports a higher average sale price per square foot, reaching up to $301 in May 2024, suggesting a potentially more upscale market. On the other hand, Mapleton, despite its lower average values, showed a relatively high sale price per square foot of $265 in January 2024.

Read also: Real Estate Market Report of Fargo, North Dakota – April 2024

Comparative Analysis of Neighboring Cities

In May 2024, neighboring cities around Fargo displayed distinct real estate market characteristics. Horace exhibited the highest average values and sale prices per square foot among the compared cities. The average sale price per square foot stood significantly higher at $301, contrasted with Fargo’s $143, suggesting a more premium market.

Mapleton, despite having the lowest average value at $89,900, also showed a high sale price per square foot at $195 by May 2024. Kindred followed closely, with an average value of $355,000 and an average sale price per square foot at $200, aligning it more with Horace’s market than Fargo’s or Mapleton’s.

These figures indicate that while Fargo has a higher number of properties on the market, the demand in Horace supports higher prices per square foot, reflecting a different buyer interest compared to Fargo. Mapleton and Kindred, though smaller in scale, also present unique market conditions that could attract specific demographics or investment interests.

Current Market Status in May 2024

As of May 2024, Fargo has seen significant shifts in its real estate market. The average value of properties has considerably decreased throughout the year, settling at $115,500, with the average sale price noted at $190,455. Despite the lower average value, the sale price remains competitive, albeit the average sale price per square foot has decreased to $143.

Horace maintains its position as a higher-end market, with an average property value of $350,000 and an average sale price close to this value at $340,551. The small number of properties, only one listed, possibly contributes to maintaining higher sale prices per square foot, which stands at $301.

In contrast, Mapleton presents the most affordable entry point in terms of average values at $89,900, with sale prices averaging at $198,784 and a sale price per square foot at $195. Kindred, though similar in sale price per square foot to Mapleton, reflects a significantly higher average value, similar to Horace.