Realtors say the local housing market is hot despite the snow

Published: Mar. 24, 2023 at 11:12 AM CDT
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BISMARCK, N.D. (KFYR) - Home sales rose 14.5 percent nationally in February compared to January, according to the National Association of Realtors.

That’s the first monthly gain in a year, according to CNBC.

Realtors say the local market is heating up in the Bismarck/Mandan area, in part due to the low inventory.

Justin Sackman with Bianco Realty in Bismarck says the lack of available properties benefits sellers because it creates demand, and the buyers exceed the sellers.

Sackman says buyers are also warming up to the historically normal mortgage rates sitting at about 6 percent.

One reason realtors say there’s a low inventory in North Dakota is due to the snow.

They say buyers might be hesitant to put their homes on the market due to a fear of snow in listing photos deterring potential buyers.

“Sometimes when you see snow, people aren’t as aggressive to want to move and do things. We feel it with all the snow we have sitting, it’s hard to make decisions. Oh yeah, let’s put a sign out when there’s a big snow pile out there. But my suggestion to anyone willing to sell is don’t wait because the inventory is low. You have a better chance of selling it now then maybe later in the year when you think the time is right,” said Sackman.

Sackman says despite the snow, homes are selling fast with some local houses receiving upwards of five offers.

He says national projections indicate home prices will likely go up due to inflation.

However, Sackman says the North Dakota housing market has always been shielded from the national averages due to the amount of income streams our state has such as agriculture, government and energy, serving to protect home value.