Source: Grand Forks Herald —
GRAND FORKS — With prices up, sales down, lower inventory and interest rates doubling in the last year, times have slowed on the local real estate front.
Winter is historically a slower time for home sales in the northern states, so local real estate sellers are more focused on what three, four, five months down the road will bring.
“It’s hard to gauge the real estate market in North Dakota between Thanksgiving and February 1st,” said Mike Opp of Oxford Realty. “There’s not much data because not much happens, and that’s every year.
“I have a feeling that prices might come down a little bit next spring and summer. But the price has been up so much (in recent months) it shouldn’t hurt people too bad.”
Adam Crary of Crary Real Estate says the steep run-up in interest rates has definitely impacted the market, just like they did when they were extremely low in 2020 and 2021.
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