If you’re in the market to buy a home, you’re probably not alone. The housing market in certain parts of Western North Dakota is closing out 2016 on a high note.
“It was just kind of a combination of the prices came down on homes, the man camps leaving, people in apartments wanting to transition. Just a little bit of everything,” says Jill Kjorstad, president of the Williston Board of Realtors.
In April 2013, the U.S. HUD reported new single family home sales were down 44 percent from the prior year. The average new home sale price had increased because of a lack of available inventory in the Minot-Williston area. But this year, sales of single family homes in Williston have increased by almost a quarter from 2015 totals.
“Bismarck seems to be picking up a little bit or starting to stabilize maybe is a little bit better word. But I think we’ve been a lot stronger than some throughout. Minot kind of felt the effects of the oil like we did, but I think everyone is starting to come around a little bit. Starting to recover,” says Kjorstad.
A big factor in the shift has been the increase in the supply of housing inventory to meet the market demand. But when the boom returns, will housing prices increase alongside oil prices?
“I think our prices will stay pretty stable as long as our supply stays stable,” says Kjorstad.
And as North Dakota continues to top the nation as one of the fastest growing states, a stable supply will be needed to continue to meet the demand.
Statewide, the number of homeowners remained constant between 2013 and 2015. However, the number of renters during that same time period increased by about 15 percent.