T
he Fargo-Moorhead real estate market is showing signs of increased activity, but sales and listings remain below previous year totals. Experts point to fluctuating mortgage rates and sales volume over the past decade as a major factor in this unpredictability.

    According to Eli Rosendahl, who has studied local real estate trends for five years, the COVID-19 pandemic marked a turning point in housing behavior. People prioritized home upgrades during lockdowns and took advantage of record-low interest rates. Although interest rates have risen since, demand from buyers remains steady.

    Jamie R. Swenson, a local realtor, notes that there are always buyers looking for homes, but rising interest rates make it challenging. Data from Park Company Realtors shows the F-M area has consistently had over 2,300 home sales and 3,000 listings annually since 2014, except for 2023.

    Swenson suggests that surrounding communities may see increased pressure as more buyers consider living outside of Fargo and West Fargo. Mortgage rates have stabilized below 7% for nine weeks, but Rosendahl advises buyers to carefully evaluate their finances before entering the market.

    For first-time buyers, Rosendahl recommends meeting with a lender and getting pre-approved to understand their financial position.