Williston’s housing action plan is taking shape
Williston’s housing situation is unique. That’s according to The National Consultant NewMark Knight Frank, which completed a housing action plan for the City.
It projects that for the next decade Williston needs 443 new houses a year to keep up with demand.
The city is using the consultant’s recommendations. They are developing a housing committee and are taking steps to lower building-costs for single-family homes.
The action plan outlines ways to accelerate new house construction, shrinking the large gap between supply and demand.
The reason for the shortage is mostly due to the population doubling with 10 year. The highest percentage of growth is in people ages 25 to 44; the prime working and household formation age group.
“When you have incomes well above $90,000 in this community, that too provides the necessary liquidity that justifies people making these kinds of purchases," said Troy Nash, Newmark Knight Frank consultant. "Of course, the development community acting very rationally, is going to behave exactly like it’s designed to do, and that is to capture that level of demand and maximize those returns.”
Nash says that’s why we see a lot of homes selling for $20,000 above their actual value. He will present his findings in Williston Tuesday night from 6:30 to 8:30 at the ARC. Everyone is encouraged to attend.