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Fargo Metro Area Market Report

Every housing market is unique. This report reflects the Fargo metro area data available through March 2009.

• Homes are affordable.

  • A smaller share of our income is going to monthly mortgage payments than in the past.
  • The ratio of monthly mortgage payments to income is down and the ratio of median home price to average income is good, especially when compared to national averages.   
• Although prices are down compared to last year, our area has held on to a modest improvement in equity despite the decline. The declining prices are due to a number of factors.
• Foreclosure sale prices have negatively impacted mortgage appraisal values.
• A few jobs have been lost.
• The flood situation slowed home sales yet the number of homes coming on the market didn't slow proportionately.
• The construction of new homes is weak compared to the rest of the nation. This is important to reducing the number of homes available for sale. 
• There has been a large increase in foreclosures since last year, but less than the national average. Even in the best of times a small number of homeowners fall behind on their mortgage payments, in some cases resulting in foreclosure. Since the beginning of 2007, however, the foreclosure rate has risen in every state in the country. Fortunately North Dakota has fared much better than others.
• Bucking the national trend, Fargo's economic outlook is stable. Our job growth rate is respectably stronger than most metro areas.