Good news if you’re looking to sell your home this summer, but if you’re looking to buy, not so much.

The growth rate in the Bismarck-Mandan area is continuing to rise, however, the number of houses on the market is still well below normal.

A broker we spoke with says although we’re still in a seller’s market, those looking to purchase a new home will see higher interest rates, upwards of 5 percent, while those looking to sell their homes get the luxury of picking from a number of offers.

“Typically in a healthy market, pre-COVID, we’d have typically 300-400 single-family homes just in Bismarck alone. So we’re down nearly 70 percent just in inventory, so that’s what’s creating this frenzy with the seller’s market. There’s probably no better time to still buy than now because interest rates are probably going to be historically low looking back in the next two to three years, so I think the trend is that rates are going to go up, but I think right now is still a good time,” said Broker Patrick Koski with Realty One Group.

In this seller’s market, Koski reminds sellers to speak with their agent and be sure their home is priced correctly.