Foreclosures not a worry for North Dakota

The housing market in North Dakota is controlled by the buyers again. After prices rose and the state’s markets were exceptions to the downward trend of sales in the US for a longer period of time, North Dakota real estate sales have slowed.

Prices rose in much of North Dakota longer than in many other states as new residents moved to North Dakota for jobs.

Bismarck is the capital city and will see appreciation halt in 2007 and head downward slightly, forecast by Housing Predictor to be 2.8% less than at the beginning of the year. The median price in Bismarck is a relatively low $125,000. You can buy a lot of house in North Dakota for that kind of money.

Grand Forks is located on the Red River, which helped keep this market active. Homes sold at close to full price for nearly a year, but home sales have slowed there too. Grand Forks will see slower times deliver a slight blow to the housing market in the form of a 3.4% drop on a median price of just $119,000.

North Dakota is one of the coldest states in the nation, but despite its bitter winters the state has gained population. It still, however, remains as one of the least populous states in the country with just 670,000 residents.

Fargo is the largest city in North Dakota, although most people remember Fargo for a quirky movie by the same name. It is home to the University of North Dakota and has turned into a bit of an eclectic place to live. New housing developments have been built and more are in the planning stages. Luxury Estates are being built and industry is moving in ensuring a promising future for Fargo. The job market is strong in Fargo as more businesses move to the area.

Fargo has a median price of $135,000, but it is forecast to appreciate just 1.7% for 2007.

West Fargo is part of the Fargo metropolitan area and has also seen an increase in popularity over the past few years. New single family homes are being constructed and many are very affordable starting in the low $100,000 range.

Minot is home of the Minot Air Force Base and Minot State University. In May of 2006, Minot received a $1.5 million federal grant for the establishment of an intermodal facility which will aide the cities economy and job growth. Minot has an affordable housing market with a median price of $110,000 and will show a slight appreciation of 1.5% in 2007.

North Dakota is transforming itself into a haven for retirees for its lower cost of housing and wide open spaces. It is attracting newcomers more than perhaps any other state in the northern tier with expanding industry and tax incentives, some of which include real estate ownership.

 

Article Source http://www.housingpredictor.com/northdakota.html