If you're looking at the real estate market now, it looks a lot different than a few years ago.
The average home sat on the market in 2012 for 30 days-- now the market has shifted dramatically.
Now houses in Bismarck sit on the market for an average of 4 months before they sell.
As the city continues to grow and new homes are popping up, some are facing the debate of either buying an existing
Right now, it's a buyers market and it's given prospective homeowners a lot to consider with less of a time crunch.
Nikki Englund; Searching for a Home: "We've looked at a wide range of homes honestly. We've looked at some that have been remodeled, some that had all the work done. Now, we're kind of going down the avenue of building. Going, well, what does this look like?"
Mary Shelkey-Miller; 2018 Bismarck-Mandan Board of Realtors President: "Because we have more on the market, buyers have more options to choose from so they don't have to make a decision as quickly."
Bismarck has about 1,400 homes and lots on the market now.
While all those homes are on the market, the number of those choosing to build is still booming...in recent years, we've seen the city grow significantly.
Mike Seminary; Bismarck Mayor: "Our footprint has grown significantly, particularly from 2008 to late '12 and '13."
For those on the fence, the decision to build or buy is one they're lucky to have...
Nikki Englund; Searching for a Home: "Honestly, I really can't find anything I love. There's so many homes on the market, but, I have not found anything I love yet. So yeah, I am going to go down and meet with a few contractors and just see what that looks like."
For buyers like Nikki facing the debate to build a new home or buy an existing one, it comes down to your wants, timeline, and budget.
As the city grows, the mayor says having so many homes on the market is no cause for concern for the local economy.
Mike Seminary; Bismarck Mayor: "It really is a good balance of risk-taking entrepreneurs that are building homes providing inventory for prospective home buyers or people that are coming to the city of Bismarck.."
By the year 2020, Bismarck is projected to have over 79,000 in population, meaning the growth we've seen is expected to continue.
Right now for the Bismarck-Mandan area, there are 352 single family homes on the market.