Overview of the Commercial and Residential
Real Estate Market in North Dakota
Although North Dakota produces more sunflowers than any other state, the wild prairie rose is the Roughrider State's official flower. Named for the Dakota Indian tribe, the state is rich in Native American history. Numerous attempts have been made over the years to drop the word "North" from its designation. It is not the setting of the 1996 movie of the same name, but Fargo is the largest city in the state and, at 113,658, the only one with a population above 100,000. Its median home value is $157,900 and its median household income is $43,458. According to the U.S. Census, the state has a population of 723,857, a median household income of $53,741, and a median home value of $132,400. The capital city of Bismark has a population of 67,034, a median home value of $163,900, and a median household income of $54,969.
With approximately 10 people per square mile, agriculture is the largest sector of the state's economy. With more than 27,500,000 acres of cropland, about 90 percent of North Dakota's land area is devoted to farms. It was the only state in the country to show an increase in cropland since the year 2000. The state is a top energy producer that is rich in both coal and oil reserves. The Great Plains region is often called "the Saudi Arabia of wind energy." There are large rural plains with near-constant wind of at least 10 mph. North Dakota is currently the second largest oil producing state in the country. Lower oil prices could result in increase vacancies of office buildings and lower rents of commercial properties as companies cut back production. Many oil field workers stay in multifamily properties or limited-service hotels. These properties could also see an increase in vacancies and lower income if oil prices remain low.
How to Become a Realtor in North Dakota
Established in 1957, The North Dakota Real Estate Commission sets all education and other licensing requirements for real estate brokers and agents in the state. They investigate allegations of wrongful conduct by real estate professionals and impose any necessary punishments or sanctions. The Commission requires applicants be at least 18 years old and successfully complete the 45 hours of pre-licensing classes. They must also pass the state exams. Applicants can take the state exam prior to completing their class hours, but they will not be licensed until they complete the required class hours. Agents must complete 15 hours of post-licensure courses their first year to remain licensed. North Dakota has reciprocity agreements with Georgia, Minnesota, and Iowa.