What The Housing Market Looks Like In Williston
According to Zillow, last year was an extremely busy year for realtors in Williams County showing 511 homes being sold throughout 2022.
While the median listing home price has fallen shortly throughout the county in the last few months to $315.8K, homes in Williston are still fetching $346K on average. That number is surely good news for the 261 units currently on the market, especially with an average shelf life of just 51 days.
However, the veritable sellers paradise we see here locally isn't as fertile as the rest of the state. Outside of Williams County, the housing market overall in North Dakota is starting to see a significant change. Despite a 9.6% year-over-year increase in the median transaction price in September 2022, there were 22.5% fewer properties sold overall. As buyers struggle to locate affordable property with mortgage rates at a 20-year high of 7.08%, homes are languishing on the market for longer.
North Dakota has a median home value of $278,322. While the cost of goods has gone up 9.6% in the last year, prices have experienced substantially higher rates of appreciation during the past ten years. Exactly ten years ago, in September 2012, North Dakota's median home value was at $178,000.
The last time the nationwide housing market appeared to be this volatile was between 2005 and 2007. After that, housing values plummeted, with terrible results. The real estate bubble burst, sending the global economy into its worst slump since the Great Depression. The consensus among housing analysts is that prices may drop, but not by as much as what homeowners saw during the Great Recession