Grand Forks single family homes selling fast (Fargo, Bismarck: for sale, apartment complex)

[Kamsack]

GF Has Single-family Housing Shortage | WDAZ | Grand Forks, ND

I keep track of MLS listing for the Grand Forks-East Grand Forks region and the MLS listings have been way lower than usual. Why no one is sure....but seems as if developers where waiting to see how measure 2 would affect them and the city in terms of infrastructure. This has created a sellers market as the number of homes for sale is very low compared to past years. Especially in the 150-250k range which is the more popular range...homes for sale are quite hard to come by. We had 3 in our neighborhood in the 200-250k range and each one sold in less than one week....one the first day of listing...the others on day 3 and 5.

While GF is nothing like Minot or Williston in terms of housing crisis, it is nice to see GF get some attention for housing and growth.

Apartment growth has been very very strong in the last 5 years....just announced is a 250 apartment complex area to be built on the north side of the Canad Inn in open field.... Have two hotels going up now...Hampton Inn and Staybridge Suites in the 42nd corridor. Maybe this will spur more commercial development there as since the Alerus went up in this area it was pretty much open field til 2008-09.

Prices in GF continue to be a bit higher than similar homes in Fargo...always have been. Bismarck surpassed GF in Single family home prices a few years ago and of course Minot-Williston is higher than that when all are taken into account. In GF new SFH homes built generally 220k on the low end to mid 300s.... some higher of course in more exclusive areas near the south end golf course.

Overall I think the GF realtor board has said the average sale price has slowly but steadily gone up from the mid 140s-150s 5 yrs ago to the mid 170s now..... but with so few homes on the market this year may take the average higher due to less supply and thus higher prices.