Trend of home sales increasing is also present in local community

News

According to a Statista study, in 2020, 6.5 million homes were sold in the United States and 7.1 million are expected to be sold this year.

The rise in the number of homes being sold is a trend that’s also been seen here in North Dakota.

Minot has had a record breaking year for home sales.

According to Realtor Amber Kraft, 961 homes have been sold in Minot to date — that’s a 27% increase from last year.

She says some of the restrictions from the pandemic actually led to the increase.

“A lot of those people actually need more space to convert into either like a home office or homeschooling,” said Kraft, who is also the president of the Minot Board of Realtors. “So that was the main reason that home sales are up. Another main reason is actually the commute. People aren’t having to commute as much to work so they’re actually wanting to move out of those more populated areas into those more rural areas.”

Kraft says that low-interest rates can also attract home buyers, but there are more people looking to buy than there are homes.

“We have a shortage of homes, so we have a lot of buyers out there just waiting for the perfect property or a property to come on the market,” said Kraft.

Benjamin Parker bought his home in October.

He says he knows firsthand how quickly houses are bought from his recent experience.

“So we, I think went and looked at, maybe like 10 properties,” said Parker. “Did the walk-throughs and a bunch of them had sold before I ever got the chance to consider making an offer.”

Parker says that when he did a walkthrough at his new home, he knew it was the one.

“When I finally found the right one it felt like home right away, so I wanted to get an offer in as soon as I could, which was accepted right away,” said Parker.

Parker was surprised that Minot has sold so many homes in the last year because unemployment was up and wages were down.

“But I think that’s great news for our economy and people settling down and wanting to stay here,” said Parker.

He says without his realtor, he doesn’t know if he would have ever been able to navigate the home-buying process.

The average price of a single-family home in Minot is about $247,000 which is the highest it’s been in 10 years.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Local Sports News

More Local Sports

Latest State News

See More State News

Latest National News

More National News

Featured on KXNET.COM

More Don't Miss

KX News Trending Stories