North Dakota Real Estate Market Outlook

The mortgage disaster isn’t wrenching the real estate market of North Dakota as severely as the damage that it has created in other states. The upper Midwest state was once a top priority among investors who preferred a striking combination of farmlands that spread across vast areas and selected cities with an urban feel. Yet, its property boom has now turned sluggish with only a few areas that will exhibit modest gains this year.

Jobs are plentiful in North Dakota with openings in agriculture, oil, and food processing industries. The low population would clearly match the needs of employers and should reassure the government that major downturns will be weathered easily. The real estate market shouldn’t be worried about the reprisal of subprime mortgages too since only a handful have been issued to some residents of the state. As a result, total home inventory is easily managed.

Grand Forks’ presence of diverse businesses makes it less susceptible to recessions unlike other areas that are limited to large concentrated industries. The job market remains healthy despite nationwide layoffs. The city also continues to benefit from the re-assignments of Air Force personnel who provide consistent housing demand. This year, the city should look forward to a 1 percent rise in home values as well.

Bismarck, the state capital and enterprise center, is currently on slight fallout in its retail and tourism sectors. However, this cannot have a large influence in the local property market. While the major American cities are rapidly losing their home values, this area with low cost of living standards is likely to experience a moderate run this year. RealtyOutlook.com projects 1 percent increase in general home values.

The Minot property sales condition is on a bullish prospect. Perhaps only a few are attracted to an average of 43-inch snowfall but this has become a blessing instead. Housing supply is on a normal level and nothing is to be worried about for the entire year. The Magic City’s Air Force base is a significant contributor to the property market providing both jobs and housing demand. Home values will be up by 1 percent.

Fargo’s home sales are steadily projecting a flat trend so far. Close to the state border, the downtown area is obviously a product of meticulous urban planning that has incorporated the growth of retail trade, commercial, healthcare and manufacturing industries. It has spurred employment among the locals with more room for relocating in the area. High-rise residential communities are not stalling their construction in Southwest and Parkway. RealtyOutlook.com predicts home values to improve by 2.5 percent.