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July 26, 2024

Minot, ND - Real Estate Market Overview 2024

Zoe Harper

Marketing

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Minot, located in the heart of North Dakota, is seeing big changes in its housing market. Prices for homes are moving, showing growth. This is vital for those looking to buy, sell, or invest here. Minot's current median home price is $326,000. This is a big jump from the past, showing the market is strong¹. The market is shaped by both local and national events. This makes Minot key to understanding wider real estate trends.

Key Takeaways

The median listing price in Minot, ND is $326,000¹.
The current median price per square foot is $139¹.
The market shows an increase in median listing prices by 1.90% from last month and 33.85% from last year¹.
The active listing count has decreased by 3.73% compared to the previous month¹.
Minot has a population of 47,759 and a diverse range of housing units².
The homeownership rate stands at 55.1%, with a rental occupancy rate of 44.9%².
Minot's home appreciation rate over the last ten years was 16.77%².

Current Housing Prices in Minot

In recent months, Minot's housing market has evolved. The median list price fell 2.4% in June 2024, to $298,666. This means homes are sold at about $137 per square foot³.

Median List Price

The cost of homes in Minot changes, depending on the type. Single-family homes go for an average of $326,000. They can be as cheap as $150,000 or as pricey as $725,000³. Multi-family homes are cheaper, averaging at $159,450³. Price changes in Minot follow wider trends in the region.

Median List Price by Bedroom Count

Looking at Minot's prices by bedroom count reveals trends. Two-bedroom homes saw a significant 5.1% price drop. Three-bedroom homes' prices went down by 1.7%, and four-bedroom homes by 1.1%. Homes with five or more bedrooms had a 3.9% price fall³. This data gives us a better look at Minot's house costs.

Comparison with Nearby Cities

Comparing Minot's market to nearby cities adds perspective for buyers. While Minot faced a 2.4% dip in median list prices. Nedrose Township saw prices fall by 9.5%³. Despite the regional dips, Minot's market is holding up better than some neighbors.

Housing Supply in Minot, ND

The housing scene in Minot has recently seen big shifts. These changes impact potential buyers and sellers deeply. Grasping these variations is key.

Number of Homes for Sale

By June 2024, Minot's available houses rose by 48.6%. The jump went from 175 homes in May to 260 in June⁴. This increase touched all types of homes, showing a healthy market for buyers. Two-bedroom houses grew by 38.9%, three-bedrooms by 52.2%, and four-bedrooms by 43.1%. Homes with five or more bedrooms saw the biggest rise at 56.3%⁴.

Factors Influencing Housing Supply

Several elements affect Minot's property supply. Important factors include the economy, jobs, and how much building is happening. The local economy's health greatly influences housing trends.

For instance, high interest rates in North Dakota mean 21.3% of properties sell for more than their listed price⁵. A booming list and a median square foot price spike point to a strong market as of June 2024. Then, the average asking price hit $380,000⁵. Knowing these details helps understand Minot's property scene better.

For all the details, check out the full report.

Average Days on Market in Minot

The number of days a house stays for sale is important for understanding Minot's property market. In June 2024, there was a big shift. Homes were on the market for about 47 days, up 73.83% from the month before. This is also a 30.07% increase from the same time last year⁶.

Trends Over Time

Looking at trends helps us see how quick homes are selling in Minot. Lately, houses have been selling quicker than before, showing how active the market is. Even with recent rises, Minot's market is still strong and flexible.

Market Stability

Stable markets are a sign of a healthy real estate scene in Minot. The stats now show a stable market. Despite a 3.73% drop in listings in June 2024 from May, there was an 18.32% increase from the previous year⁶.

Moreover, June saw 84 new listings, down 20.75% from May. This was also a 31.15% drop from the year before⁶. These numbers show how Minot's housing market changes. For more on Minot's property trends, check out the full analysis here.

Annual Market Trends in Minot

The housing market in Minot is doing well, showing strong signs. There was a 6.8% increase in prices by June 2024, with houses selling for about $274,900⁷. This is great news for both investors and homebuyers. It shows Minot's real estate is strong against economic challenges. The business property values also went up by 8.4%, showing a growing interest in commercial real estate⁷.

Year-Over-Year Comparison

Minot's real estate values are steadily increasing. In 2022, the average house price was $234,000, slightly up from $233,000 the year before⁷. This growth points to a strong market in Minot. At the same time, new housing construction added about $29,849,000 to the market, a bit more than $28,900,000 in 2021⁷.

The business sector is also seeing positive changes. The valuation of residential properties in the commercial area increased by 5.9%. Additionally, new commercial construction jumped significantly, from $89,200,000 in 2021 to $155,000,000 in 2022⁷.

Historical Data

The real estate market in Minot has been steady over the last ten years. The value of properties has gone up by 16.77%, showing gradual growth each quarter². The median house value now stands at $288,867. This highlights the area's potential for long-term investments².

The city's Assessor's Office checked about 3,776 properties last year. Their findings support the upward trend in the market⁷.

The median property value rose by nearly 5.94%⁷. This increase affects various types of homes, with 46.61% being detached single-family homes². For more details on Minot's real estate, check out this link.

Investment Opportunities in Minot

Credits - WeaponizingArchitecture, licensed under CC BY-SA 4.0

Minot's real estate offers many chances for investors, focusing on rentals and commercial spaces. Knowing these markets helps shape an investor's approach.

Rental Market Analysis

The Minot rental market is growing. This growth comes from more people moving to Minot and needing places to live. Median rents help investors see if they can charge enough rent for properties in Minot ⁸. It's useful to look at how fast the population is growing. This shows if the rental market is getting bigger⁹.

Investors also need to know about property taxes and how much people earn in Minot. This info shows what kinds of properties are in demand⁸. With Minot's population growing steadily, the future looks good for renting out properties long-term⁹. Schools matter too. Good schools make rental homes more attractive to families with kids⁹.

Commercial Real Estate

In Minot, investing in commercial properties comes with its own benefits. Being close to big roads and having the right utilities matter a lot for business properties⁹. For stores, knowing how many people live in the area, how much they earn, and their ages helps find the best spots⁹. Property taxes affect how much money investors can make, so they're important to think about for all commercial properties⁹.

Those looking into office spaces should study who lives in Minot. This helps ensure the offices match up with growing businesses⁹. Property taxes are key in choosing profitable and secure places for offices⁹. Also, understanding local incomes and living costs helps see if Minot is a good place for business⁹.

Minot has lots of opportunities for making money in real estate. It's smart to talk to experts for advice on making the best choices.

School Information Impact on Real Estate in Minot

The quality of Minot school districts greatly affects real estate values. Families looking to move to Minot place a lot of value on their children's education. High-performing schools boost both the neighborhood's reputation and property values. This shows how crucial education is to the real estate market, especially near top schools.

Minot's population grew by 18.3% from 2010 to 2020, reaching 48,377 people¹⁰. With more families coming to the area, demand for homes near excellent schools has risen. This demand raises property values in these areas. However, affordable housing is a big problem, especially as housing costs continue to climb¹⁰.

The importance of housing in North Dakota, especially in Minot, is complex¹⁰. As interest rates go up, it becomes harder for many to own a home, especially for those with lower incomes¹⁰. This situation changes the whole Minot real estate scene. School rankings become a key factor for those looking to buy or invest in property.

Parents seek out homes near the best Minot school districts because of the positive effects on their kids' future. This causes home prices in these areas to go up. Hence, potential buyers do their homework on school ratings Minoton real estate. The strong link between good schools and high property values shows how education and the housing market are connected in Minot.

Population Trends and Their Effect on Housing in Minot

Understanding Minot's demographics is crucial for both locals and potential real estate investors. Population trends greatly affect housing, including property values and vacancy rates. The oil industry's recent changes have notably impacted Minot's population trends.

Population Growth

Minot has seen population shifts due to the oil industry's ups and downs. This directly impacts real estate, causing housing prices to fluctuate. Recent data shows North Dakota's median home value at $278,322, highlighting the area's appeal and market conditions¹¹.

The yearly population growth rate is essential for investors. It helps them decide where and when to invest⁹.

Demographic Shifts

Demographic shifts in Minot have changed housing needs, affecting market stability and investment opportunities. Median income and property tax rates are key factors for investors⁹. Higher incomes usually lead to investments in upscale properties, but higher taxes might push investors towards more affordable options⁹.

School quality also plays a big role in housing decisions. Areas with good schools attract more homebuyers and renters⁹.

It's important to look at Minot's trends alongside North Dakota's overall demographics. The state's housing market shows a median list price of $289,635 and an appreciation rate of +9.6% year-over-year. This shows how dynamic the market is¹¹. For more insights, check out this article ⁹.

Conclusion

Minot's housing scene is constantly changing and growing, thanks to many different influences. A look at the numbers shows a bright future for investors. In 2020, there were 21,156 places to live, with 11,743 owned and 9,413 rented¹². This shows there's a good balance for people wanting to buy or rent.

When we dig into the numbers, we find some interesting things. The median price of a home was $211,000. At the same time, rent was usually about $882 a month¹². Because living here costs less than many places, Minot is becoming popular for those wanting good, affordable homes¹³. With improvements to things like roads and jobs in different fields, the city's attracting more attention¹³.

They also predict more people will move here by 2040. This means we'll need between 5,400 and 8,600 more homes to keep up¹². This demand for more homes is pretty exciting. Minot is planning ahead to support this growth. Plus, fun community activities make it a great place to live and invest for the long haul¹³.

FAQ

What is the median list price for homes in Minot, ND?

As of June 2024, the median list price for homes in Minot, ND, is $298,666. This is about $137 per square foot.

How have housing prices changed in Minot, ND by bedroom count?

Two-bedroom homes in Minot saw a price drop of 5.1% in June 2024. Three-bedroom homes decreased by 1.7%. Four-bedroom homes dropped by 1.1%, and those with five or more bedrooms saw a 3.9% decline.

How does the median list price in Minot compare to nearby cities?

In June 2024, Minot's median list price fell by 2.4%. At the same time, Nedrose Township experienced a larger drop of 9.5%. This shows Minot was relatively stable compared to places like Afton and Eureka Townships.

What is the current housing inventory in Minot, ND?

In June 2024, housing inventory in Minot went up 48.6%. It rose from 175 to 260 homes from May to June.

What factors influence the housing supply in Minot?

The housing supply increase is influenced by various factors. These include market demand, economic conditions, and demographic changes in Minot.

How long do homes typically stay on the market in Minot?

Homes stayed on the market longer in June 2024, increasing from 55 to 61 days since May. This is a 12.3% increase.

However, this is an improvement from last year. The median was 41 days, compared to 53 days the year before.

What are the annual market trends for real estate in Minot?

Minot's real estate market saw a 6.8% increase in June 2024. The median selling price was $274,900. This is part of a general upward trend in home prices, despite some monthly changes.

What are the current investment opportunities in Minot?

Minot offers investment chances in both the rental and commercial sectors. However, potential investors should seek advice from licensed experts as the market can change quickly.

How does school information impact real estate values in Minot?

Good school districts boost real estate values in Minot. Top-rated schools make a community more desirable. This makes school ratings very important for families.

How do population trends affect the housing market in Minot?

Population growth and shifts have a direct impact on Minot's housing demand and supply. These trends influence the area's attractiveness and what types of homes are sought after.