Housing market in Bismarck-Mandan stable, nationwide sales dropping
Home sales across the country are dropping this summer.
But what about in our area?
If you're looking to buy a home somewhere in the Bismarck-Mandan area right now, you're in luck. Experts say there's inventory available, and mortgage rates are low. One of the big problems you might run into though is finding one that's affordable.
You'll find for sale signs all across Bismarck and Mandan. Including in the yard of Lon and Shirley Roemmich, who put their house back up for sale earlier this year after having it on the market last year as well.
“With the market getting a little bit stronger, with the interest rates dropping in the near future, we think it's the best time to be selling a house now,” Lon said.
Their home is one of 423 single family houses for sale in the Bismarck-Mandan area. Add in condos and twin homes, that jumps to over 700. Desri Neether with the Bismarck Mandan Board of Realtors says that's a good number because there is activity in the market.
“The good thing about Bismarck, and I would say North Dakota in general, is we don't see the big highs and lows like the rest of the country do; we tend to be very stable throughout. So that's a good thing for us,” Neether said.
The national market is a little different. Single family homes hit a record high average of $266,000, according to ATTOM Data Solutions. And home sales dropped almost 2 percent in Junem according to the National Association of Realtors. In Bismarck, Mandan and Lincoln, the average price of the 400 plus homes for sale is about $346,000. If you add in those that have been sold, the average price drops to $287,000. Adding in houses for sale in the outlying areas, it drops even farther to $262,000.
“One of our biggest challenges is affordable housing and that's in North Dakota and also everywhere, so finding those homes at an affordable price is a tough one,” Neether said.
Neether says even with all the new construction, finding homes under $350,000 is one of the big struggles buyers are facing right now. For the Roemmichs, they say they're not in any hurry.
“We feel like when the right time comes it'll go,” Lon said. “I mean we have a nice home, we have a nice view out here.”
And until then, they'll wait it out with the several hundred others looking to sell.
Neether says the state did see quite an increase in home prices during the oil boom, but they've evened out since then.