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North Dakota real estate

North Dakota – The Best Housing Market No One’s Talking About

It doesn’t get many headlines, but North Dakota’s housing market is booming. In fact, realtors all over the country are jealous of the realtors in North Dakota!

Why?

Let’s start with Williston. With a population just over 16,000 and city limits that are only 7 square miles, odds are you’ve never heard of it. However, it’s the fastest-growing small city in America! An oil boom has caused a population boom (it’s more than doubled over the past two years). And with all of those new people has come a housing boom.

It’s not uncommon for apartments for rent in Williston to cost more than $2,000 per month – or, the same as what you’d pay for an apartment in Manhattan. Want to buy, instead? Most of the homes for sale in Williston cost more than $200,000.

But clearly this is the exception, right?

No way! An oil boom took over North Dakota’s entire economy in 2012. As a result, unemployment is below 3% statewide, and people are moving here from all over the country, in hopes of landing stable jobs. That means there is plenty of demand for the homes for sale all over North Dakota!

So, what does that mean for selling prices?

As you can probably guess, they’ve gone up considerably. Even when you include sales of distressed homes (like foreclosures and short sales, which are sold far below market value), North Dakota’s average selling price still went up 11.3% in 2012. When you remove those distressed sales from the mix, the increase was 12.9%. And, when you consider that the cost of living here is lower than the national average – meaning that your dollar goes a lot further here than, say, in California or Hawaii – it makes the increase even more impressive!

And, unlike other states, North Dakota’s prices aren’t “coming from behind”. Since this state never experienced a true housing boom during the mid-2000’s, it never saw its housing prices balloon out of control like most other states did. As a result, North Dakota home values didn’t have as far to fall when the recession hit. So, homeowners here don’t have a hole to dig out of.

Realtors in North Dakota say that inventory of available homes is scarce – but not because owners aren’t listing properties for sale. Instead, homes are being snapped up so quickly that there’s hardly anything to choose from at any given time!

As for the builders, they’re hard at work, too, trying to capitalize on the housing boom. But, just like the existing homes, new constructions are being purchased almost as soon as they hit the market.

If you weren’t talking about North Dakota’s housing market before, you sure are now!

Living in North Dakota

Looking for a place to live where you can slow down and enjoy life? Then you’re looking for North Dakota!

Known as the “Gateway to the Old West”, North Dakota is an agricultural hub. Because so much of the state is covered in farmland, it looks just like nature intended. And, as an added benefit, it’s not too crowded.

Speaking of crowds, let’s go over some of the fast facts about North Dakota:

  • What is the population of North Dakota?
  • The population of North Dakota is 699,628
  • What is the capital of North Dakota?
  • The capital of North Dakota is Bismarck
  • What is the largest city in North Dakota?
  • The largest city in North Dakota is Fargo

Despite a population surge in 2012 from the oil boom in Williston, North Dakota still has one of the smallest populations in the country. It also has one of the lowest crime rates in America – making this one of the safest places to settle down and raise a family.

So, what can you and your family do once you get here?

If you love the great outdoors, you’ll love North Dakota! This state is home to world-class fishing and hunting. But if you’re looking for something totally unique, head to Theodore Roosevelt National Park. Sure, it’s a major tourist attraction, but it’s so breathtaking that the locals head here all the time, too. In fact, they call the area “The Badlands” – just like Roosevelt used to.

But if you want a taste of North Dakota’s big-city lifestyle, you’ll have to head to Fargo. That’s where 16% of the state’s population lives. Here, you’ll find everything from theaters, to museums, to even a local celebrity walk of fame! The city is also home to North Dakota State University – a top-ranked school and a major employer.

Luckily, North Dakota isn’t as cold as you might think. Yes, the winters can be brutal (in fact, the state averages more than 40 inches of snow in the winter). However, the summers can be downright hot. The clean air and untouched scenery more than make up for any wild temperatures, though!

This is the Census data for North Dakota

Population

Total population estimate for North Dakota (July 1) 2012
699,628
Total population change for North Dakota- April 1, 2010 to July 1, 2012
4.0%

Age

Percentage of the population that's under 5 years old in North Dakota, 2011
6.6%
Percentage of the population that's under 18 years years old in North Dakota, 2011
22.1%
Percentage of the population that's 65 years and over North Dakota, 2011
14.4%

Gender

Percentage of the population that are females in North Dakota, 2011
49.4%

Race breakdown for North Dakota in percentages

White alone, 2011
90.4%
Black alone, 2011
1.3%
American Indian and Alaska Native alone,2011
5.5%
Asian alone, percent, 2011
1.1%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
1.7%
Hispanic or Latino Origin, 2011
2.2%
Not Hispanic, White alone, 2011
88.6%

A little more about the residents of North Dakota

Percentage of residents who lived in the same house 1 year ago, 2007-2011
83.1%
Percent of residents who are foreign born 2007-2011
2.5%
Percent speaking a language other than English at home, 2007-2011
5.3%

Education

Percent high school graduates or higher for residents 25 years old and over in North Dakota, 2007-2011
90.0%
Percent with a bachelor's degree or higher for residents 25 years old and over in North Dakota, 2007-2011
26.5%

Veterans

Total number of Veterans living in North Dakota 2007-2011
54,920

Communting

The average travel time to work for workers in North Dakota (16 years and over not working at home), 2007-2011
16.3 mins

Real estate stats in North Dakota

Housing unit estimates, 2011
320,909
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
66.5%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
25.8%
Median value of specified owner-occupied housing units, 2007-2011
$118,200.00
Households, 2007-2011
278,669
Average household size, 2007-2011
2.30

Income

Per capita income for North Dakota in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$27,305.00
Median household income in North Dakota, 2007-2011
$49,415.00
Percentage of people living in poverty in North Dakota 2007-2011
12.3%

Business and commerce info for North Dakota

Private nonfarm establishments, 2010
21,832
Private nonfarm employment for pay period including March 12, 2010
294,907
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
15.6%
Total number of businesses in North Dakota, 2007
61,546
Percentage of Black-owned businesses in North Dakota, 2007
0.3%
Percentage of American Indian- and Alaska Native-owned businesses in North Dakota , 2007
1.6%
Percentage of Asian-owned businesses in North Dakota, 2007
0.7%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in North Dakota, 2007
NA
Percentage of Hispanic-owned businesses in North Dakota, 2007
0.5%
Percentage of Women-owned businesses in North Dakota, 2007
24.8%

Land size and population

Size of North Dakota in Square Miles, 2010
69,000.80 mi²
Population per square mile in North Dakota, 2010
9.7

North Dakota real estate

Golden Valley

Grassy Butte

Hazelton

Other City - Not In The State Of Florida

Out Of State

Outside Area (Outside Ca)

Stanton

Williston