It's important to track real estate trends for each state because the year's real estate forecast tells buyers when to buy, sellers when to sell, and what both parties can expect in a final price. Keeping tabs on the market can also help you score the maximum profit, or buy at a discounted price.
Factors like mortgage rates, home values, unemployment, and competition are all important for forecasting the year's trends. Here's what you need to know about the North Dakota market in 2019.
2019 Real Estate Market Forecast for North Dakota
Home values in North Dakota have increased over the past couple of years, and are expected to continue to grow in 2019. Currently, the median home value in North Dakota is $206,000, with the median price per square foot hovering around $145. The median listing price on the North Dakota market is $224,000.
Unemployment is low to normal, meaning North Dakotans can afford to buy homes. An uptick in mortgage rates will be an important factor to watch for in the 2019 North Dakota housing market. It has been predicted that mortgage rates will hit close to 6% and home values will increase by close to 4%.
Mortgage rates are expected to rise alongside home values. This could affect buyers who are looking for the best price, and sellers who could struggle to get their home off the market while buyers wait for rates to drop again.
In North Dakota, 2019 will be a buyer's market.
When Is the Best Time to Sell a House in North Dakota in 2019?
Since home values are predicted to rise in 2019, sellers shouldn't hesitate to go to market now before the real estate market takes a turn.
Some of the best locations to buy in North Dakota for 2019 are Horace, Stonebridge, Lincoln, Longfellow, and Rose Creek. If you live in one of these places and have been thinking about the best time to sell, 2019 is the year.
Weather plays an important role when selling your home in North Dakota. Buyers start picking up their searches in the new year, and market activity starts to rise in March. Market inventory and sales peak later in the year, closer to the end of the summer months.
Much like the rest of the Midwest, the spring is the best time to sell your home in North Dakota. April and May are the best months to hit the market. Families with school-aged children will also be looking to buy during these months with the hope of coordinating a summer move.
Timing your home sell is important, because the longer your home sits on the market, the harder it will be to sell. Work with a real estate agent who can help draw up a comparative market analysis and time your go-to-market date to drive competition and ultimately get you the best price for your listing.
If spring isn't the right time for you to sell for personal factors, summer is a good alternative. For many families with young children, the transition from renting to buying happens in the months leading up to the start of the school year. This means that July and August are great times to sell family homes.
When Is the Best Time to Buy a House in North Dakota in 2019?
Unlike most states, search activity is low in January in North Dakota, meaning you could snag a home at a lower price because the competition isn't there. If a low price is your primary goal in the home search, the winter months are the best for buying a home in North Dakota and can get you up to 8.5% off the sales price compared to the spring months.
Most sellers avoid selling between October and March because of the state's cold weather. Homes are, on average, about 8% less in the winter months than any other time of the year in North Dakota.
The market starts to pick up in the spring, so if you're looking for options, buy in the spring when inventory is at its peak. This is when home search activity is high, so more sellers are putting their homes on the market. North Dakota's market inventory will stay high throughout the summer so buyers will have plenty of options if they don't find what they're looking for immediately.
If you have children who are in school, and convenience is important in your home search, this will likely factor in to when you buy. Look to find a home between the months of May and July, dependent on your kids' summer vacation schedules. Be aware, however, that other families are thinking of this strategy too, which has the potential to drive up home prices.
A local agent will be in the know about the year's real estate forecast, and factors that could affect buyers and sellers like tax changes, home value upticks or downturns, and mortgage rate increases. A real estate agent will work with you on the most important considerations for you, whether you're buying or selling, and help you time your listing or purchase with these factors in mind while still getting you the best price.
Leveraging some of these factors could also help you sell at the best price, so be sure to work with an agent to figure out which market indicators could work to your advantage for maximum profit.
A Clever Partner Agent can make sure you're timing the North Dakota real estate market perfect when you're looking to sell. Fill out this form, and a representative will be in touch to answer any questions and connect you with one of our full-service, local Partner Agents for a no-obligation consultation.