Bismarck-Mandan Housing Market Experiencing Slowdown

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After several years of rapidly increasing home prices in the Bismarck-Mandan area, prices are now stabilizing.

The area is now in what one realtor describes as a corrective market. Alliance Real Estate's Patsy Chapman says this correction began about 18 months ago.

This leaves a mixed market, where prices are still high enough for sellers to make money, while buyers generally have more time and are under less pressure to make a decision.

"When the market is escalating, it just seems like a lot of people have buyer's remorse later on. This time, they're able to step back and give a little more thought to their purchase, so I think it's a win for everyone," Chapman said.

Chapman says it's difficult to tell as of now how the slowdown in the Bakken will affect home prices in the Capital City.