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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Devils Lake, ND Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Devils Lake, ND Housing Market Trends

With a population of 7,161, 3,388 total housing units (homes and apartments), and a median house value of $233,670, house prices in Devils Lake are solidly below the national average.

Single-family detached homes are the single most common housing type in Devils Lake, accounting for 48.38% of the city's housing units. Other types of housing that are prevalent in Devils Lake include large apartment complexes or high rise apartments ( 27.15%), duplexes, homes converted to apartments or other small apartment buildings ( 15.60%), and a few mobile homes or trailers ( 7.30%).

People in Devils Lake primarily live in small (one, two or no bedroom) single-family detached homes. Devils Lake has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Devils Lake built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Devils Lake built between 1940-1969 ( 31.61%). A lesser amount of the housing stock also hails from between 2000 and later ( 19.51%). There's also some housing in Devils Lake built before 1939 ( 11.11%).

Vacant housing appears to be an issue in Devils Lake. Fully 11.63% of the housing stock is classified as vacant. Left unchecked, vacant Devils Lake homes and apartments can be a drag on the real estate market, holding Devils Lake real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Devils Lake Home Appreciation Rates

Devils Lake's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Devils Lake during the period has been just 5.07%, which is lower than 80% of US communities.

Appreciation rates are so strong in Devils Lake that despite a nationwide downturn in the housing market, Devils Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Devils Lake appreciation rates continue to be some of the highest in America, at 9.74%, which is higher than appreciation rates in 85.95% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Devils Lake. Devils Lake appreciation rates in the latest quarter were at 5.16%, which equates to an annual appreciation rate of 22.29%.

Importantly, this makes Devils Lake one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to North Dakota, our data show that Devils Lake's latest annual appreciation rate is higher than 80% of the other cities and towns in North Dakota.

Average Home Values

Median Home Value

$233,670

Devils Lake, ND Home Prices
> $1,307,000
$980,001 - $1,307,000
$653,001 - $980,000
$523,001 - $653,000
$392,001 - $523,000
$262,001 - $392,000
$131,001 - $262,000
$65,001 - $131,000
$0 - $65,000
0.0%
0.0%
0.0%
0.0%
2.6%
2.6%
4.3%
4.3%
5.6%
5.6%
31.2%
31.2%
35.7%
35.7%
10.2%
10.2%
10.3%
10.3%
0% 100.0%
% of Homes
Average

for North dakota

Low

for nation

Number of Homes And Apartments:

3,388

Devils Lake Appreciation Rates

Rent & Ownership

Average Market Rent:

$943 / per month

Homeownership Rate

Owners
Renters
45.9%
45.9%
54.1%
54.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
11.6%
11.6%
88.4%
88.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
19.5%
19.5%
37.8%
37.8%
31.6%
31.6%
11.1%
11.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
48.4%
48.4%
1.6%
1.6%
15.6%
15.6%
27.2%
27.2%
7.3%
7.3%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
6.5%
6.5%
14.8%
14.8%
33.9%
33.9%
34.9%
34.9%
6.4%
6.4%
3.6%
3.6%
0% 100.0%
% of Homes

Popular Neighborhoods in Devils Lake

Popular Communities Near Devils Lake, ND

Zip Codes in Devils Lake, ND