Grand Forks, ND
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Grand Forks, ND Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Grand Forks Housing Market Information

With a population of 57,056, 24,543 total housing units (homes and apartments), and a median house value of $195,614, Grand Forks real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Grand Forks, accounting for 44.13% of the city's housing units. Other types of housing that are prevalent in Grand Forks include single-family detached homes ( 37.98%), duplexes, homes converted to apartments or other small apartment buildings ( 8.22%), and a few row houses and other attached homes ( 7.08%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

People in Grand Forks primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Grand Forks has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Grand Forks built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Grand Forks built between 1940-1969 ( 22.92%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.68%). There's also some housing in Grand Forks built before 1939 ( 12.04%).

Grand Forks Home Appreciation Rates

Appreciation rates for homes in Grand Forks have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 29.83%, which ranks in the top 30% nationwide. This equates to an annual average Grand Forks house appreciation rate of 2.65%.

Over the last year, Grand Forks appreciation rates have trailed the rest of the nation. In the last twelve months, Grand Forks's appreciation rate has been -2.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Grand Forks were at -0.48%, which equates to an annual appreciation rate of -1.90%.

Notably, Grand Forks's appreciation rate in the latest quarter is one of the lowest in America.

Relative to North Dakota, our data show that Grand Forks's latest annual appreciation rate is lower than 90% of the other cities and towns in North Dakota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Grand Forks differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Grand Forks - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Grand Forks real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$195,614

Grand Forks, ND HOME PRICES

Value Range
> $1,037,000 0.1
$778,001 - $1,037,000 0.9
$518,001 - $778,000 1.3
$415,001 - $518,000 2.6
$311,001 - $415,000 10.5
$207,001 - $311,000 26.0
$104,001 - $207,000 44.1
$52,001 - $104,000 7.9
$0 - $52,000 6.7

High for ND
High for Nation

Value Relative to Nation Value Relative to State
39.1649635036496 23.6842105263158

Number Of Homes And Apartments:
24,543

Grand Forks Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
ND*
Compared To
America*
Latest Quarter:
2018 Q3 - 2018 Q4
Last 12 Months:
2017 Q4 - 2018 Q4
Last 2 Years:
2016 Q4 - 2018 Q4
Last 5 Years:
2013 Q4 - 2018 Q4
Last 10 Years:
2008 Q4 - 2018 Q4
Since 2000:
2000 Q1 - 2018 Q4
95.03% 3.53%
2
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$892 / per month

Homeownership Rate

Homeownership
Owners 41.19
Renters 58.81
Vacant 6.41

Housing Market Details

 

Age of Homes

AGE OF Grand Forks HOMES
2000 or Newer 19.7
1970 - 1999 45.4
1940 - 1969 22.9
1939 or Older 12.0

Types of Homes

TYPE OF Grand Forks HOMES
Single-Family 38.0
Townhomes 7.1
Small Apt. Buildings 8.2
Apt. Complexes 44.1
Mobile Homes 2.6
Other 0.0

Home Size

SIZE OF Grand Forks HOMES
No Bedroom 2.62
1 Bedroom 18.98
2 Bedrooms 33.07
3 Bedrooms 24.74
4 Bedrooms 14.98
5 or more bedrooms 5.61