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State

North Dakota

29 counties with an index · 8 metro and micro areas · 52 ZIP codes · 26 permit-issuing places · 799,358 residents (2025 est.)

FHFA quarterly index through 2026 Q2Annual index 1975–2025Permits through August 2026
FHFA all-transactions house price index for North Dakota, quarterly from 1975 to 2026 Q2, with the national index rebased to the same start and NBER recessions shadedRecession 1973–75Recession 1980Recession 1981–82Recession 1990–91Recession 2001Recession 2007–09Recession 2020020040060080019801990200020102020United States2026: 540
North Dakota (100 = first year)United States, rebased to the same startNBER recession

FHFA notes: The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. The line is FHFA's standard quarterly all-transactions index; the comparison table uses FHFA's annual state index from the same family. The index does not give a dollar value for any home.

North Dakota's FHFA house price index starts in 1975. Through 2025 it has risen +636.0%; over the ten years to 2025 the rise was +45.0% (+3.8% a year), well below the national +85.0%.

The quarterly index through 2026 Q2 is +4.7% on a year earlier and +3.1% on the quarter; nationally +3.0% and +1.1%.

2,139 housing units were authorised in North Dakota in the 12 months to August 2026, 2.7 per 1,000 residents against 4.1 nationally; that is −14.9% on the previous 12 months. 29 counties, 8 metro and micro areas, 52 ZIP codes and 26 permit-issuing places in the state have their own pages.

+4.7%year to 2026 Q2, quarterly indexUS +3.0%
+5.1%1 year, 2024–2025US +2.8%
+33.6%5 yearsUS +47.0%
+45.0%10 years+3.8% a year annualised
+191.5%since 2000US +158.3%
2,139units permitted, 12 months2.7 per 1,000 residents · US 4.1

Same span, state and nation

Change in the FHFA indexNorth DakotaUnited States
1 year (2024–2025)+5.1%+2.8%
5 years (2020–2025)+33.6%+47.0%
10 years (2015–2025)+45.0%+85.0%
20 years (2005–2025)+125.8%+79.1%
Since 2000+191.5%+158.3%
Since 1975+636.0%+960.7%
10-year annualised+3.8%+6.3%
20-year annualised+4.2%+3.0%

Decade by decade

DecadeChangeUnited States
1980s (1980–1990)+11.2%+68.2%
1990s (1990–2000)+41.3%+33.9%
2000s (2000–2010)+51.0%+29.7%
2010s (2010–2020)+44.5%+35.5%
2020s so far (2020–2025)+33.6%+47.0%

FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1975 here). A decade's change is the index at the end of the decade divided by the index at the start, so it does not depend on the base year; the United States column covers the same years. Decades before 1975 are not shown.

Peak-to-low declines

PeakLowDeclinePeak regained
19811982−17.0%1984

Purchase-only index

FHFA also publishes a purchase-only index, built from sales prices alone (no refinance appraisals). It starts in 1991 and is drawn here on its own base.

FHFA purchase-only house price index for North Dakota, quarterly, with the national purchase-only index rebased to the same startRecession 1990–91Recession 2001Recession 2007–09Recession 202001002003004005001995200020052010201520202025United States, purchase-only2026: 469
North Dakota, purchase-only (100 = first year)United States, purchase-only, rebased to the same startNBER recession

Counties

Ranked by ten-year change in FHFA's annual county index to 2025. Permits are housing units authorised in the 12 months to August 2026.

County1 year10 yearsSince 2000Units, 12 monthsPer 1,000Index through
Sargent County+22.3%+101.8%—10.32024
Richland County+9.0%+80.6%+184.2%382.32025
Walsh County+10.4%+78.1%+189.1%101.02025
Traill County+7.7%+77.7%+215.0%40.52025
Bottineau County+52.0%+69.2%—101.62025
McKenzie County+17.3%+64.5%—352.32025
McLean County+27.0%+63.6%+293.8%293.02025
McHenry County+0.3%+62.0%—173.32025
Pembina County+13.2%+60.7%+119.0%00.02025
Dickey County—+56.5%—132.72025
Ransom County−5.6%+56.5%+181.3%30.52025
Pierce County—+56.3%—10.32024
Ramsey County+6.6%+54.1%+221.3%50.42025
Cass County+3.1%+52.6%+166.0%9084.52025
Foster County+18.6%+51.4%+163.1%10.32023
Barnes County+10.8%+48.3%+222.2%40.42025
Stutsman County+5.4%+48.3%+211.6%231.12025
Morton County+5.3%+43.8%+209.6%772.22025
Grand Forks County+5.4%+42.4%+171.5%2313.12025
Cavalier County+1.4%+39.0%—51.42025
Burleigh County+3.4%+38.4%+197.7%2782.72025
Williams County+6.8%+32.6%+419.4%1222.92025
Bowman County—+29.2%—72.52024
Ward County+3.7%+28.5%+197.5%1652.42025
Stark County+6.8%+26.6%+260.7%491.42025
Mercer County+2.3%+21.9%+236.1%10.12025
Dunn County+25.5%——71.72024
Mountrail County———222.32025
Wells County+1.5%——10.32021

Metro and micropolitan areas

Areas with any county in North Dakota; multi-state areas appear under each of their states.

AreaType1 year10 yearsYear to 2026 Q2Units, 12 months
Wahpeton, ND-MNMicro+8.2%+82.1%—49
Fargo, ND-MNMetro+3.6%+53.7%+4.2%1,162
Jamestown, NDMicro+5.4%+48.3%—23
Grand Forks, ND-MNMetro+5.0%+46.2%+7.2%272
Bismarck, NDMetro+3.9%+39.3%+6.2%366
Williston, NDMicro+6.8%+32.6%—122
Minot, NDMetro+5.1%+31.2%+6.7%182
Dickinson, NDMicro+6.9%+27.8%—62

Building permits

Housing units authorised in North Dakota by month, latest 60 months05001,000Sep 2021: 229 units (184 single-family, 45 in multi-unit buildings)Sep 2021Oct 2021: 192 units (163 single-family, 29 in multi-unit buildings)Nov 2021: 253 units (139 single-family, 114 in multi-unit buildings)Dec 2021: 199 units (43 single-family, 156 in multi-unit buildings)Jan 2022: 35 units (33 single-family, 2 in multi-unit buildings)Feb 2022: 61 units (61 single-family, 0 in multi-unit buildings)Mar 2022: 214 units (191 single-family, 23 in multi-unit buildings)Apr 2022: 254 units (247 single-family, 7 in multi-unit buildings)May 2022: 340 units (267 single-family, 73 in multi-unit buildings)Jun 2022: 720 units (201 single-family, 519 in multi-unit buildings)Jul 2022: 430 units (186 single-family, 244 in multi-unit buildings)Aug 2022: 285 units (265 single-family, 20 in multi-unit buildings)Sep 2022: 321 units (273 single-family, 48 in multi-unit buildings)Sep 2022Oct 2022: 565 units (134 single-family, 431 in multi-unit buildings)Nov 2022: 163 units (100 single-family, 63 in multi-unit buildings)Dec 2022: 98 units (29 single-family, 69 in multi-unit buildings)Jan 2023: 137 units (38 single-family, 99 in multi-unit buildings)Feb 2023: 253 units (36 single-family, 217 in multi-unit buildings)Mar 2023: 216 units (103 single-family, 113 in multi-unit buildings)Apr 2023: 164 units (160 single-family, 4 in multi-unit buildings)May 2023: 450 units (215 single-family, 235 in multi-unit buildings)Jun 2023: 204 units (176 single-family, 28 in multi-unit buildings)Jul 2023: 306 units (155 single-family, 151 in multi-unit buildings)Aug 2023: 403 units (195 single-family, 208 in multi-unit buildings)Sep 2023: 263 units (197 single-family, 66 in multi-unit buildings)Sep 2023Oct 2023: 175 units (159 single-family, 16 in multi-unit buildings)Nov 2023: 54 units (52 single-family, 2 in multi-unit buildings)Dec 2023: 32 units (32 single-family, 0 in multi-unit buildings)Jan 2024: 29 units (25 single-family, 4 in multi-unit buildings)Feb 2024: 54 units (38 single-family, 16 in multi-unit buildings)Mar 2024: 117 units (106 single-family, 11 in multi-unit buildings)Apr 2024: 361 units (247 single-family, 114 in multi-unit buildings)May 2024: 196 units (190 single-family, 6 in multi-unit buildings)Jun 2024: 418 units (197 single-family, 221 in multi-unit buildings)Jul 2024: 212 units (168 single-family, 44 in multi-unit buildings)Aug 2024: 171 units (159 single-family, 12 in multi-unit buildings)Sep 2024: 232 units (208 single-family, 24 in multi-unit buildings)Sep 2024Oct 2024: 325 units (183 single-family, 142 in multi-unit buildings)Nov 2024: 95 units (92 single-family, 3 in multi-unit buildings)Dec 2024: 42 units (35 single-family, 7 in multi-unit buildings)Jan 2025: 48 units (34 single-family, 14 in multi-unit buildings)Feb 2025: 50 units (48 single-family, 2 in multi-unit buildings)Mar 2025: 176 units (123 single-family, 53 in multi-unit buildings)Apr 2025: 209 units (200 single-family, 9 in multi-unit buildings)May 2025: 306 units (282 single-family, 24 in multi-unit buildings)Jun 2025: 377 units (175 single-family, 202 in multi-unit buildings)Jul 2025: 303 units (208 single-family, 95 in multi-unit buildings)Aug 2025: 351 units (215 single-family, 136 in multi-unit buildings)Sep 2025: 183 units (173 single-family, 10 in multi-unit buildings)Sep 2025Oct 2025: 180 units (160 single-family, 20 in multi-unit buildings)Nov 2025: 173 units (84 single-family, 89 in multi-unit buildings)Dec 2025: 40 units (32 single-family, 8 in multi-unit buildings)Jan 2026: 24 units (19 single-family, 5 in multi-unit buildings)Feb 2026: 38 units (33 single-family, 5 in multi-unit buildings)Mar 2026: 197 units (117 single-family, 80 in multi-unit buildings)Apr 2026: 212 units (201 single-family, 11 in multi-unit buildings)May 2026: 279 units (191 single-family, 88 in multi-unit buildings)Jun 2026: 294 units (157 single-family, 137 in multi-unit buildings)Jul 2026: 271 units (159 single-family, 112 in multi-unit buildings)Aug 2026: 248 units (193 single-family, 55 in multi-unit buildings)

Housing units authorised in North Dakota by month, latest 60 monthssingle-family2+ unit buildings

Housing units authorised in North Dakota by year, 1995–202505,00010,00015,0001995: 3,185 units (1,458 single-family, 1,727 in multi-unit buildings)19951996: 2,324 units (1,479 single-family, 845 in multi-unit buildings)1997: 3,222 units (1,488 single-family, 1,734 in multi-unit buildings)1998: 2,974 units (1,704 single-family, 1,270 in multi-unit buildings)1999: 2,577 units (1,443 single-family, 1,134 in multi-unit buildings)2000: 2,128 units (1,257 single-family, 871 in multi-unit buildings)20002001: 2,687 units (1,482 single-family, 1,205 in multi-unit buildings)2002: 3,265 units (1,793 single-family, 1,472 in multi-unit buildings)2003: 3,721 units (2,344 single-family, 1,377 in multi-unit buildings)2004: 4,033 units (2,521 single-family, 1,512 in multi-unit buildings)2005: 4,038 units (2,367 single-family, 1,671 in multi-unit buildings)20052006: 3,529 units (2,297 single-family, 1,232 in multi-unit buildings)2007: 3,360 units (2,194 single-family, 1,166 in multi-unit buildings)2008: 2,833 units (1,888 single-family, 945 in multi-unit buildings)2009: 3,195 units (1,704 single-family, 1,491 in multi-unit buildings)2010: 3,833 units (2,084 single-family, 1,749 in multi-unit buildings)20102011: 6,201 units (2,913 single-family, 3,288 in multi-unit buildings)2012: 10,340 units (4,540 single-family, 5,800 in multi-unit buildings)2013: 10,532 units (3,899 single-family, 6,633 in multi-unit buildings)2014: 12,178 units (4,531 single-family, 7,647 in multi-unit buildings)2015: 6,256 units (3,440 single-family, 2,816 in multi-unit buildings)20152016: 3,981 units (2,359 single-family, 1,622 in multi-unit buildings)2017: 3,411 units (2,111 single-family, 1,300 in multi-unit buildings)2018: 3,211 units (1,905 single-family, 1,306 in multi-unit buildings)2019: 2,495 units (1,767 single-family, 728 in multi-unit buildings)2020: 3,493 units (2,171 single-family, 1,322 in multi-unit buildings)20202021: 3,600 units (2,266 single-family, 1,334 in multi-unit buildings)2022: 3,440 units (1,961 single-family, 1,479 in multi-unit buildings)2023: 2,618 units (1,499 single-family, 1,119 in multi-unit buildings)2024: 2,319 units (1,651 single-family, 668 in multi-unit buildings)2025: 2,440 units (1,761 single-family, 679 in multi-unit buildings)2025

Housing units authorised in North Dakota by year, 1995–2025single-family2+ unit buildings

Single-family share of the latest 12 months: 71% (63% nationally). Since 1995: 127,419 units.

Year by year

Each year's index change and permits, with every county's figures for that year.

YearNorth Dakota indexUS indexUnits permittedSingle-family
2025+5.1%+2.8%2,4401,761
2024+4.2%+4.9%2,3191,651
2023+5.2%+5.7%2,6181,499
2022+10.4%+15.5%3,4401,961
2021+5.0%+11.6%3,6002,266
2020+1.1%+3.0%3,4932,171
2019+2.3%+4.2%2,4951,767
2018+1.4%+5.7%3,2111,905
2017+1.2%+5.4%3,4112,111
2016+2.3%+5.3%3,9812,359
2015+4.5%+4.4%6,2563,440
2014+7.9%+6.2%12,1784,531
2013+8.5%+3.4%10,5323,899
2012+5.3%−1.8%10,3404,540
2011+3.3%−4.4%6,2012,913
2010+1.3%−5.1%3,8332,084
2009+1.1%−7.5%3,1951,704
2008+2.6%−4.5%2,8331,888
2007+4.5%+0.6%3,3602,194
2006+6.6%+6.6%3,5292,297
2005+8.2%+12.4%4,0382,367
2004+6.6%+9.2%4,0332,521
2003+3.6%+4.5%3,7212,344
2002+3.9%+5.4%3,2651,793
2001+4.0%+6.7%2,6871,482
2000+2.9%+8.3%2,1281,257
1999+1.8%+4.3%2,5771,443
1998+3.7%+3.7%2,9741,704
1997+2.8%+3.8%3,2221,488
1996+3.7%+3.2%2,3241,479
1995+5.5%+3.7%3,1851,458

Cities issuing the most permits

Housing units authorised in the 12 months to August 2026; every place is listed on its county page.

Questions and answers

How much have home values in North Dakota risen over 10 years?

The FHFA index rose +45.0% between 2015 and 2025, +3.8% a year; over 20 years +125.8% and since 2000 +191.5%. Nationally: +85.0%, +79.1% and +158.3%.

Which North Dakota counties rose most over 10 years?

Sargent County (+101.8%), Richland County (+80.6%) and Walsh County (+78.1%), by FHFA's annual county index to 2025.

What happened to North Dakota home prices in 2008?

The state index shows no decline of 5% or more from a 2005–2008 peak.

How many homes are being built in North Dakota?

2,139 units were authorised in the 12 months to August 2026: 1,519 single-family and 620 in multi-unit buildings, 2.7 per 1,000 residents.

Where does this data come from?

FHFA's quarterly all-transactions state index (through 2026 Q2) and annual state index (updated March 31, 2026); the Census Bureau's Building Permits Survey state and county files through August 2026; vintage 2025 population estimates.

Provenance

Index: Federal Housing Finance Agency, quarterly all-transactions and purchase-only state indexes through 2026 Q2 and annual state index (updated March 31, 2026). Permits: Census Bureau Building Permits Survey state, county and place files through August 2026. Population: Census Bureau vintage 2025 estimates. Public domain. Corrections · FHFA HPI datasets.