Grand Forks, ND Region Housing
The Grand Forks, ND region housing market is currently one of the most active in the country, due in part to the area’s gorgeous autumnal scenery and the relatively high quality of life offered there.
As a result, prospective buyers seeking houses for sale in Grand Forks ND will have their pick from a range of luxurious properties, including large gardens, four bedrooms, and ample closet space.
Many buyers are also attracted to the area because of its low crime rate, strong community spirit, and affordable living. The below data will help give you a better understanding of the area’s housing market and the properties available for sale.
Overall Market Condition
The region’s housing market has remained strong since the beginning of this year, supported by an increase in the number of people moving there and a rise in the number of potential buyers searching for a new home. This has resulted in greater competition between buyers and sellers, with property prices rising accordingly.
Rising Property Values
The year 2020 was a massive one for the real estate market in the region, with property values rising throughout the year. This was particularly the case from April 2021 to December 2021, when the median price for a single household home in the area rose from $126,500 to $158,000.
Record-breaking Sales
The demand for houses in the region continues to outstrip the supply, with house sales in the area hitting an all-time high in December 2021. The bulk of these was large, luxurious houses with large gardens, four bedrooms, and woodburning stoves. Some properties sold for as much as $500,000, challenging even the most experienced real estate agent in the area.
Record Number Of Homes Sold
The number of homes sold in the area in 2021 was also a record-breaker, rising by 47% from 2019 to 2020 and then again in 2021. The majority of these properties were high-end, luxury houses, many of which were passed on for generations and some with specific designs and features inspired by the Apollo 11 mission, set for historic re-opening next year.
Attracting Investors
The area’s record number of homes being sold and its relatively high prices have attracted investors, with many purchasing multiple properties in the hope of capitalizing on the lucrative purchase price.
In October 2021, the area’s real estate agency, ERA, reported that it had only seen four or five such transactions in the last year, compared to 16 in 2019 and 21 in 2018.
There has also been a noticeable increase in foreign buyers seeking property in the area, with 26% of its residents holding a non-American passport in 2021, up from 17% in 2020.
More People Moving To The Area
The population of the region continues to rise, supported in part by the number of jobs created by the first oil rig to be built in Canada in 20 years. As a result, the real estate market in the area is anticipated to grow by another 20% by 2027.
A More Conventional Market
The pandemic had a dramatic effect on traditional holiday buying, with many prospective buyers choosing to postpone or cancel their trip to the United States.
As a result, the region’s real estate market lost its festive vibe, with fewer properties on the market and many fewer buyers active in the market. Yet, despite the bleak outlook, the region’s residents have not given up on buying property, with many choosing to make the most of the area’s strong real estate market and buying properties for investment purposes.
Overall, the health of the region’s real estate market has been heavily influenced by the current economic and health situation. On the one hand, the stringent measures implemented by the government to contain the pandemic and the subsequent rise in consumer confidence have resulted in increased demand for homes.
On the other, limited inventory and high competition between buyers have driven up prices, resulting in a more luxurious market that was not previously present in the area. While the future of the real estate market in the area looks uncertain, for now, at least, it is a desirable place to be.
The Urban Aspect
In addition to its rural nature, the economy of the region is strongly linked to its urban development. Many of the area’s largest cities, including Las Vegas, Minneapolis, and St. Paul, are world-class destinations, with many attractions and events, particularly in the winter holiday period, drawing thousands of tourists to the area.
The combination of beautiful scenery, healthy air, and plentiful sunshine make it an attractive place to live, not just visit. The warmer fall and winter months are particularly lovely, drawing people outside to enjoy the crisp fall air and breathtaking sunsets.
In the winter, visitors to the area can join the locals in celebrating the stunning Northern Lights with a mug of hot chocolate in hand.
The Rural Side
Although only 5% of the region is considered to be rural, a lot of its economy benefits from tourism. Many of the largest cities in the area, including Fargo, Grand Forks, and Moorhead, have a lot in common with the smaller towns, particularly in terms of their architecture and ambiance.
The smaller towns are also a source of pride for their residents, with some boasting a very tight-knit community with strong family ties.
The number of people living in poverty in the area is high, with over half of the population eligible for some governmental assistance. Despite this, the overall cost of living is low, with many finding the area to be affordable.
In fact, the cost of living in the area is similar to, if not lower than, many large US cities, such as New York and Los Angeles.
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