If you’re looking to buy a house in the Bismarck Mandan area, you may have noticed that houses are not on the market very long.
Although over the last year, the price for a house has risen on average by $25,000 in the area, houses are still flying off of the market.
Interest rates are attractive for buyers across the state, and the average time a house spends on the market has dropped considerably.
Jamie McLean of Integra Realty said, “Our average days on market for all of our properties is at 30 days. We were averaging anywhere from probably 60 to 90.”
This is causing headaches for perspective buyers, such as Shalee Martin.
“I was like, this one just popped up today and he goes ‘yeah that’s already under contract,’ and I was like ‘it just went on there today, I didn’t even get a chance to go look on the site and it’s gone,'” said Martin.
Not to mention that many are looking to upgrade their homes as a result of working from home… and spending more time in the humble abode.
McLean said, “This year, we’ve already sold 10 [one] million dollar plus homes in Bismarck Mandan, any other year before that, it’s only been 5.”
Others are coming in from all around the country to make a new home in the Peace Garden State, also a result of working from home.
Buyers are coming from as far away as Oregon and California.
Condo sales have also been on the rise in the area, but the heightened demand is, in turn, causing the price to increase.
“I’ve also seen an increase of 15% in condo sales over the last year, again that’s affordable housing,” said McLean.
For those interested in building a home from the ground up, they may be feeling a bit of a financial crunch, as it may not be as attractive of an option.
Even with lower prices of some materials, the cost of building has not quite gone down.
“Lumber prices have dropped a bit, but it’s really hard to build a home right now for under that $300,000,” said McLean.
Overall, it is still a seller’s market, as more and more are moving to the Capital City.
McLean says the best time to buy a house is in the wintertime, as the competition is not as high.
He said the sweet spot for homes in the area are going $200,000-$400,000.