Bismarck, ND Housing Market

Market Overview

Bismarck is a strong but cooling housing market, with a PropertyIQ Score of 82 out of 100. The score is supported by a 12-month home value momentum rate of 7.47%, a median days on market of 47 days, and a relatively low share of listings with a price cut at 13.0%. However, the 3-month home value momentum rate is -0.85%, indicating recent softness. Together, these metrics suggest a market that has appreciated over the past year but is now entering a more balanced phase.

Compared with state benchmarks, Bismarck is more expensive and higher-income. The median home value of $356,800 is about 22% above the state average of $292,293. The rent index of $1,333 is roughly 43% above the state average of $934. The median household income is $83,982, compared with $75,949 statewide, while the unemployment rate is 2.2%, matching the state average. The income advantage helps support higher local prices, but the gap in home values is larger than the gap in incomes.

Key Trends

Home value momentum is mixed. The 12-month momentum rate of 7.47% shows meaningful annual appreciation, but the 3-month momentum rate of -0.85% shows that prices have recently pulled back. The reported year-over-year home value change of $2 also points to essentially flat movement in dollar terms, reinforcing that much of the annual gain was front-loaded and is now fading.

The sales pace remains reasonably efficient. A median days on market of 47 days is not a slow market and likely contributes to the strong PropertyIQ Score. At the same time, 13.0% of listings have had a price cut, which means some sellers are adjusting to softer demand. With 325 homes for sale, buyers have some choice, but the market is not showing signs of a deep inventory overhang in the available data.

Rental demand looks stronger locally than statewide. Bismarck’s rent index of $1,333 is significantly above the state average of $934. That gap is wider than the income gap, since Bismarck’s median household income of $83,982 is only about 10.6% higher than the state median of $75,949. This suggests local rents are elevated relative to both the state and local incomes.

Affordability is a constraint. Bismarck’s median home value of $356,800 is about 4.2 times its median household income of $83,982. By comparison, the state average home value of $292,293 is about 3.8 times the state median household income of $75,949. Even with low unemployment at 2.2%, the higher price-to-income ratio means local buyers are stretching more than buyers across the state as a whole.

Who Is This Market For

Bismarck is best suited for rental investors and move-up buyers. Rental investors may be drawn to the rent index of $1,333, which is much higher than the state average of $934, and to the strong local employment picture with an unemployment rate of 2.2%. The median days on market of 47 days and the 13.0% share of listings with a price cut also suggest there may be room to negotiate without buying into a rapidly declining market.

Move-up buyers with existing equity or above-average incomes are likely better positioned than first-time buyers. The median home value of $356,800 is well above the state average, and the local median household income of $83,982, while higher than the state median, does not fully offset that price gap. First-time buyers may find entry more challenging because the price-to-income multiple is higher than the state benchmark. Population growth data is not available in this dataset, so the role of migration in local demand cannot be assessed.

Outlook

The near-term outlook is cautiously positive but slowing. The 12-month home value momentum of 7.47% and a 47-day median days on market support overall market strength, while the 3-month momentum rate of -0.85% is a clear cooling signal. If that short-term decline continues, annual price momentum is likely to moderate. The 13.0% share of listings with a price cut and the current inventory of 325 homes for sale point to a more balanced market than the 12-month appreciation number alone would suggest. Still, the rent index of $1,333 and the low 2.2% unemployment rate provide stability. The data supports a market that is holding at an elevated level rather than accelerating, with affordability remaining the main limiting factor.