Bismarck becoming more valuable

By  | 

BISMARCK, N.D. - Not that it's for sale, but Bismarck is becoming more valuable.

The city's real estate is $160 million more valuable this year than it was in 2018, according to the city's financial department.

New construction plays a significant role in Bismarck's economic growth. The value of the city has increased by about 2 percent every year for the last few years.

"There's been growth to the community with properties being annexed and new structures being built," said Allison Jensen, Bismarck assessor.

One developer, Jamie Schmidt, says that they did see a little bit of a slow down last year. He says they typically build about 50 new houses a year, and last year only built 30.

"I would say fall, winter months of '18 we kind of started to see a little bit of a lull in the market. But I feel like honestly, even February or March we started to see some good activity, and it's leading me to believe it's going to be a busy year," said Jamie Schmidt, Investcore vice president.

A report given before the Board of Equalization said the city is valued at more than $8.3 billion.

According to the report, the average sale price of a Bismarck single family home in 2018 was $265,000.