Oliver County

Oliver County, North Dakota sits at a median home price of $244,648 with 6.44% year-over-year appreciation, which is the dominant story here. The cash flow score is zero and the cap rate comes back at zero, meaning the income data needed to model a rental spread simply isn't available at the county level. What is clear from the scores is that this market grades out as a near-pure appreciation play: a 90 appreciation score against a 0 cash flow score puts Oliver at the far appreciation end of the spectrum. The affordability index of 77 and median household income of $69,722 suggest the price-to-income relationship isn't stretched by North Dakota standards, but that doesn't manufacture rent coverage where the data doesn't support it. Investors who need a modeled cash-on-cash return before they underwrite should treat this county as incomplete data, not a buy signal.

The appreciation score of 90, ranked 74th nationally out of 1,000 counties and 7th in North Dakota out of 43, describes a county that is outperforming the vast majority of tracked markets on price trajectory. A 6.44% one-year gain on a $244,648 median price translates to roughly $15,755 in nominal appreciation per year if the trend holds, which is the only return metric that can be modeled with confidence here. That profile suits a land or residential lot holder, a long-horizon buy-and-hold investor who intends to reposition in five to ten years, or someone pairing this purchase with an existing business use, such as agricultural or rural residential. A cash-flow operator looking to run the numbers on a stabilized rental today has nothing to anchor underwriting to, and the zero cap rate score reflects that gap rather than a literal zero-yield property.

Oliver County has a population of 1,832. That is a small number by any measure, and it is the single most important risk factor in this analysis. A market this size has very low transaction volume, meaning comps are thin, exit liquidity is limited, and any adverse demographic shift, whether population outmigration, employer contraction, or agricultural downturn, can move values without the cushion that a larger population base provides. No economic anchor data was provided for this county, so specific employer analysis isn't possible here. Investors evaluating stability should note the stability score of 50, which is exactly middle of the range and consistent with the volatility profile of a small, rural Great Plains county where economic concentration is the norm even if the specific anchors aren't identified in this dataset.

On carry costs, the combined monthly tax and insurance load is $271, based on a state-average effective property tax rate of 0.98% and an insurance rate of 0.35%. The 0.98% rate carries a "normal" flag, meaning it isn't a tailwind or a headache relative to national norms, but at $2,398 annually it is a real line item. The caveat matters here: that figure uses a state-average effective rate from Tax Foundation 2024 data, and actual county and township rates in Oliver can differ meaningfully. Before closing, verify the mill levy directly with the county assessor rather than relying on the state average for your underwrite.

The comparison to neighboring counties reveals why Oliver is a specialist's market. Hettinger County comes in at a $121,524 median, Emmons at $135,739, and Barnes at $187,323, all with overall scores of 75. Bowman County is at $180,669 with a 74 overall score, and Mountrail is the closest price comp at $236,745 with a 73 overall score. Oliver's $244,648 median is the highest among this peer group, yet its overall score of 74 matches Bowman and trails Hettinger, Barnes, and Emmons. That means an investor can access comparable or better overall scores at materially lower entry prices in neighboring counties. The case for choosing Oliver over a neighbor rests entirely on the 90 appreciation score, which none of the listed neighbors are shown to match. If price appreciation is your primary thesis and you have a long hold period and low immediate income requirements, Oliver earns its place. If you need cash flow from day one, or if you want lower price exposure with similar overall market quality, Hettinger at $121,524 or Emmons at $135,739 gives you more room to engineer a return with less capital at risk.