North Dakota Real Estate Market Trends & Analysis
The North Dakota real estate market looks perfectly capable of maintaining the momentum it has generated over the course of the latest recovery. Thanks to one of the country’s most stable economies, real estate in North Dakota has a strong foundation to build off of. Thanks, in large part, to both taxes and jobs created by the energy industry, the North Dakota housing industry is alive and well.
While the majority of the country has seen severe inventory shortages create markets that lean heavily in favor of sellers, North Dakota presents residents with a more balanced market. As a result, median home values haven’t priced a great deal of buyers out of the market and more people are afforded the opportunity to take action, whether it’s buying or selling.
North Dakota Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Lenders, Attorneys |
| Conveyance: | Warranty Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Judicial |
| Process Period: | 3 - 5 months |
| Notice of Sale: | Sheriff |
| Redemption Period: | 60 Days |
Taxes
| Income Tax: | 1.10%-2.90% |
| Corporate Tax: | 1.70%-5.20% |
| Sales Tax: | 5.00% |
| Estate Tax: | No |
| Inheritance Tax: | No |
| Median Property Tax: | 1.42% |
| Property Taxes by County: | http://www.tax-rates.org/north_dakota/property-tax#Counties |
Average Transactional Costs
| Closing Cost: | $2,599.00 |
| Transfer Fee: | No Fees |
| Origination Fee: | $1,936.00 |
Overview
- Median Home Value: $208,300
- 1-Year Appreciation Rate: +2.8%
- Median Home Value (1-Year Forecast): +1.7%
- Median Rent Price: $1,295
- Price-To-Rent Ratio: 13.40
- Average Days On Market: 79
- Unemployment Rate: 2.4% (latest estimate by the Bureau Of Labor Statistics)
- Population: 760,077 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $61,285 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 11.58%
- Foreclosure Rate: 1 in every 10,018
North Dakota Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Deed state
- Redemption Period: 5 years before the county seizes property and puts up TD sale (no redemption period after sale date)