Time to buy a house? Southwest North Dakota realtors say yes

Industry experts attribute much of the changing paradigm to the realization by most companies that technology has reached a point where employees can work from anywhere – a finding brought about by the coronavirus. According to industry experts, people are leaving their bigger, more expensive markets in big cities and moving to cheaper markets where they can get more space and land for their money – more for the money.

That’s right here in southwest North Dakota, where the market is strong and values ​​remain stable, according to local broker Tracey Hoss.

With Dickinson’s unemployment rate rising to just under 2% according to the latest data, the signs of a healthy economy are the property market on the western edge.

As more people find work after vacations late last year due to coronavirus shutdowns and falling oil prices, the economy appears to be recovering.

In Dickinson, the current average home value is just under a quarter of a million at USD 228,800. The real estate market analysis predicts that the annual growth in property value will increase by up to 13.5% by mid-2021 and property values ​​will exceed 10.5% by the end of 2021.

The liveliness of the market has created more wealth for homeowners and underscores the importance of getting while getting is hot. Hoss, broker at The Real Estate Company in Dickinson, attributed much of the recovery to extremely low interest rates.

“I think that’s partly because the interest rate is still very good. They have first-time buyers and people refinancing … that has helped our market immensely … (and) the interest rates, “Hoss explained.

While the market appears ready for buyers, Hoss still had a few concerns that pointed to the loss of jobs in the late fourth and early first quarters as a factor in some stagnation.

Dickinson has, on average, a higher cost of living than most of the rest of North Dakota, according to a popular real estate data collection service. The rent for a studio apartment averages $ 747 per month versus a national average of $ 613.

A Dickinson apartment built in 2012 is Blue Hawk Square at 1022 W Villard St., near Dickinson State University and Phat Fish Brewing. The facility offers a selection of cheaper apartments for students at the DSU and accommodation for anyone interested.

According to their page on Apartments.com, a 462-square-foot studio apartment with one bathroom costs $ 400 a month. A 690-square-foot one-bedroom, one-bathroom apartment costs between $ 475 and $ 570 per month. This property offers up to 4 bedrooms and bathrooms at a cost of around $ 1,050 for nearly 1,600 square feet.

There are approximately 453 Southwest North Dakota properties for sale as of March 7, according to Remax.com. Options include a five bedroom, three bathroom, 3,500 square foot home on 2495 Country Oak Drive, about 1.5 miles from the Walmart Supercenter and 0.6 miles from Market Press Coffee Co. This place has a list price of $ 449,900.

Also on Country Oak Drive is a house with a three-car garage that is still under construction. This shows that “if you build it they will come” and a sure sign of a healthy market.

According to realtor.com, the median home sales price in southwest North Dakota hasn’t fallen below $ 200,000 in more than three years, despite a sharp 6.7% drop in February – due to those enforced by the pandemic and the government Mandates.

For those more interested in a home that fits an ideal image they have in mind, don’t worry, Dickinson literally has plenty of room for improvement.

REMAX.com lists several open lots waiting to be filled by businesses and households.

So turn the page and make your dream come true!