Commercial Real Estate Market in Ray, ND
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
2 active listings and 395 off-market properties in Ray, ND.
Market Trends
Ray, ND spans 302.0 square miles in Williams County, North Dakota. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Ray, ND runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Ray, ND runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Ray, ND runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Ray, ND runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 91.2%
- Industrial 7.3%
- Commercial 1.5%
Largest Zones share of zoned land by district
Agriculture
General Commercial And Industrial
Residential 1
Highway Commercial
Residential 3
Ray, ND zones 7,213 acres across 7 districts. Commercial zoning covers 1.5% of zoned land, residential 91.2% and industrial 7.3%. The largest single district is Agriculture at 84.8%. For commercial buyers the practical constraint is that only 8.8% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Ray, ND has 1,226 residents in 654 households. Density runs 4 people per square mile. Median household income here is $73,382 and median gross rent $971 a month.
1,226
Population
654
Households
1.9
Avg Household Size
36
Median Age
16%
College-Educated
92%
High-School Grad
302 sq mi
ZIP Area
4
Density / Sq Mi
$73,382
Median Household Income
$35,278
Median Earnings
$971
Median Rent
$239,100
Median Home Value
Tools
Nearby Markets
Frequently Asked Questions
What zoning applies to commercial property in Ray?
Ray, ND zones 7,213 acres across 7 districts, of which 1.5% is commercial and 7.3% industrial. The largest single district is Agriculture at 84.8% of zoned land. Residential zoning covers 91.2% and open space 0%.
Where does Realmo's Ray market data come from?
Realmo compiles Ray, ND figures from 4 recent recorded sales, 2 active sale listings, 395 tracked off-market properties, the current Ray zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 2 active for-sale and 0 active for-lease listings in Ray, ND. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 7,213 zoned acres across 7 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
