Profile picture for lu20pe

WHY REAL ESTATE ON NORTH DAKOTA ISSO CHEAP

  • November 16 2010 - Christine
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Answers (2)

Profile picture for TerryHershner
This post is 8 months old and boy have times changed.

A home valued at $100k a year ago sold for $675k this year?

http://www.zillow.com/homedetails/338-Nova-Dr-Bismarck-ND-58503/78393085_zpid/#{scid=hdp-site-map-bubble-address}

Is this for real?  It might be.

Almost zero supply and huge demand from a booming oil industry has caused a huge influx of job demand.  McDonalds has to pay $15 an hour now to get anyone to work, because the number of $100,000+ a year entry jobs are so plentiful.

People are coming from all over to work, but there's no where to live.  So each week there's almost 2000 entry level jobs that many pay six figures that go unfilled.

What happens to home values when everyone wants something that there's very little of? You guessed it.

Thought this was worth sharing and might spark an interesting discussion. 

Here's an article I saw tonight about what's going on up there.

http://finance.yahoo.com/blogs/daniel-gross/north-dakota-spurred-energy-ag-boom-3-2-122815061.html
  • July 02 2011
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Profile picture for the_country_hick
It probably has something to do with low wages, few people, and not a lot of economic activity. Besides, it is cold and who wants to live there?

Most of the time when you find an area with high prices there are high wages in that area. Also when you have low wages you have low prices. If the population is decreasing prices usually drop. As people left detroit michigan prices fell tremendously. The same was true of flint which never recovered after the car maker there died many decades ago.
  • November 16 2010
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