Market Statistics for Fargo, ND for April 2023

The real estate market in Fargo, ND witnessed notable changes in April 2023 compared to the same period last year. This report provides an overview of the key statistics and trends observed during this time, offering valuable insights for homebuyers, sellers, and investors in the Fargo area.

1. Active Listings and New Listings: In April 2023, Fargo had a total of 246 active residential listings, showcasing a decrease of 19.4% compared to April 2022. Additionally, there were 128 new listings, reflecting a significant 35% decrease from the previous year.

2. Closings and Pending Sales: The number of closings in April 2023 experienced a substantial decline of 46% when compared to the same period last year. Similarly, pending sales also saw a decrease of 33% during this time, indicating a slower pace in the market.

3. Average Home Price: The average home price in Fargo for April 2023 stood at $317,000, showing an increase from $299,000 recorded in April 2022. This upward trend suggests a growing appreciation in property values within the city.

4. Absorption Rate: The absorption rate, which measures the speed at which homes are sold, saw a significant rise in April 2023. The absorption rate for this period stood at 1.91, highlighting a notable increase compared to 1.29 recorded in April of the previous year.

5. Factors Affecting the Market: The Fargo real estate market continues to be influenced by two significant factors: interest rates and inventory. Overall interest rates have contributed to a slower home buying process. Moreover, the limited inventory available has intensified competition among buyers, leading to quick sales despite the challenges.

Conclusion: The Fargo, ND real estate market in April 2023 witnessed a decline in active listings, closings, and pending sales compared to the previous year. However, the average home price demonstrated positive growth. The rising absorption rate indicates that homes are being sold at a faster pace, highlighting the strong demand in the Fargo market. As interest rates remain a factor and inventory continues to be limited, buyers and sellers should adapt their strategies accordingly to navigate this dynamic real estate landscape.

Please note that the above information is based on the statistics provided for April 2023 in Fargo, ND. Real estate market conditions can vary, and it's recommended to consult with a local real estate professional for the most up-to-date and accurate information.