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North Dakota home prices soar with oil boom

The Trentonian -- North Dakota’s oil boom isn’t just driving up housing prices at the epicenter. Getting a roof overhead is getting more expensive throughout the state, with the average value of a home sold last year topping $200,000 — up more than 20 percent from 2011, a real estate trade group says.

“Houses have appreciated statewide and inventory is low in the whole state,” said Jill Beck, CEO of the North Dakota Association of Realtors. “That comes as a shock to a lot of people.”

North Dakota’s robust economy, led by its soaring oil production in the western part of the state, has resulted in record-high home prices and skyrocketing rental prices that reflect tight supply and strong demand statewide. Home values have quadrupled in some areas since the state’s oil boom began, coming just a decade after


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Submitted Feb 22, 2014 By: bar1035
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honda0105
Champion Author Tallahassee

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Message Posted: Feb 25, 2014 5:51:28 AM

always happens... like clockwork.
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Jeff4U
Champion Author Atlanta

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Message Posted: Feb 23, 2014 5:20:31 PM

Not a surprise...
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remay
Champion Author Houston

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Message Posted: Feb 23, 2014 4:49:30 PM

And look out when things crash... seen it, done it before.
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race2IT
Champion Author Fort Worth

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Message Posted: Feb 23, 2014 3:47:47 PM

I really feel for them because, there goes their neighborhood.
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Sanpoil
Champion Author Spokane

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Message Posted: Feb 23, 2014 12:18:59 PM

What goes up must come down.
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DrCashFlow
Champion Author Massachusetts

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Message Posted: Feb 23, 2014 9:55:55 AM

A budding real estate collapse in the making
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Ebaz
Champion Author Oklahoma City

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Message Posted: Feb 23, 2014 7:17:17 AM

It happens in all boom locations
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boileauj
All-Star Author Spokane

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Message Posted: Feb 23, 2014 5:25:54 AM

Everything in the oil drilling towns of North Dakota is expensive.
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mlmeng
Champion Author Michigan

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Message Posted: Feb 23, 2014 3:17:37 AM

"North Dakota home prices soar with oil boom"

Actually supply and demand at work. It is refreshing to read that there are still instances of this.
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GasaHawg
Champion Author Texas

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Message Posted: Feb 23, 2014 1:30:44 AM

Out here in Western Texas, lots of portable building outlets have sprang up. the sign says rent or own, moved and setup. No bathroom, no kitchen they probably are making a shanty town some place out here.
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apachewarrior3
All-Star Author Alberta

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Message Posted: Feb 23, 2014 1:08:40 AM

ok
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nru
Champion Author Twin Cities

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Message Posted: Feb 23, 2014 1:06:50 AM

At least something to do with big oil is supply and demand
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jcallaw
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Message Posted: Feb 23, 2014 1:06:35 AM

Really?
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DirtDauber
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Message Posted: Feb 23, 2014 1:06:27 AM

Supply and demand.
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Cebo
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Message Posted: Feb 23, 2014 1:05:20 AM

Okay
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Thomtec
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Message Posted: Feb 23, 2014 1:04:20 AM

Supply and demand at work
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card4
Champion Author British Columbia

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Message Posted: Feb 23, 2014 1:03:41 AM

The economy booms when government doesn't interfere.
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DTrainCanada
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Message Posted: Feb 23, 2014 1:03:01 AM

Interesting ...
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gumbyrex
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Message Posted: Feb 23, 2014 1:02:39 AM

Supply and demand at work. Hopefully, it won't lead to another real estate collapse sometime down the road.
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jkpsr
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Message Posted: Feb 23, 2014 1:02:07 AM

That was inevitable.
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cifuentesab
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Message Posted: Feb 23, 2014 1:01:57 AM

Ok
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Wildman14
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Message Posted: Feb 23, 2014 1:01:37 AM

Guess the prosperity is a double edged sword?
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Tiernan
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Message Posted: Feb 23, 2014 12:59:53 AM

Congratulations, ND. I hope it all works out for you.
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10k
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Message Posted: Feb 23, 2014 12:58:10 AM

Jarod13:

your comment might have been off topic a little bit, but i agree with it, except the part where you called that dictator the president-he is not, and has never been, a president..he is a full-blown nation destroying muslim dictator..
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mrjames1818
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Message Posted: Feb 23, 2014 12:57:36 AM

what goes up must come down
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Beboper
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Message Posted: Feb 23, 2014 12:56:59 AM

Old news
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PAA64
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Message Posted: Feb 23, 2014 12:56:21 AM

interesting
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deant99
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Message Posted: Feb 23, 2014 12:56:17 AM

Getter done
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GasaHawg
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Message Posted: Feb 23, 2014 12:55:01 AM

It is still North Dakota though!
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gears
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Message Posted: Feb 23, 2014 12:54:25 AM

good for them
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silverfox63
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Message Posted: Feb 23, 2014 12:54:09 AM

Old news.
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furiousfowl
Champion Author Riverside

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Message Posted: Feb 23, 2014 12:53:39 AM

WHY ARENT WE SEEING THIS PAYOFF LIKE IN MIDDLE EASTERN OIL RICH COUNTRIES?
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rap12MA
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Message Posted: Feb 23, 2014 12:52:15 AM

Black gold...
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HizznHerz
Champion Author Ontario

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Message Posted: Feb 23, 2014 12:48:51 AM

rich get richer
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No1ConMan
Champion Author Memphis

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Message Posted: Feb 23, 2014 12:48:34 AM

Buy low, sell high! Always been a good formula.
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jetskijerry
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Message Posted: Feb 23, 2014 12:48:08 AM

crooks
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jetskijerry
Champion Author North Carolina

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Message Posted: Feb 23, 2014 12:47:56 AM

bust ahead
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gasgo123
Champion Author South Carolina

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Message Posted: Feb 23, 2014 12:47:52 AM

Whats new?
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danol43
Champion Author Modesto

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Message Posted: Feb 23, 2014 12:47:00 AM

temporary
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Dolfankai
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Message Posted: Feb 23, 2014 12:45:23 AM

Unsustainable highs!
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STLCARDSNATION
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Message Posted: Feb 23, 2014 12:44:38 AM

Wow
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WonderfulMI
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Message Posted: Feb 23, 2014 12:43:40 AM

More like a bubble. Then comes the crash.
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Rightwinger
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Message Posted: Feb 23, 2014 12:41:59 AM

Ok
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oldred11
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Message Posted: Feb 23, 2014 12:41:17 AM

Of course... until the boom goes bust.
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unicornpmb
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Message Posted: Feb 23, 2014 12:40:42 AM

Capitalism at its best.
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Bald1usa
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Message Posted: Feb 23, 2014 12:40:35 AM

It is called supply and demand.
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Jarod13
Champion Author Virginia

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Message Posted: Feb 23, 2014 12:40:00 AM

I wish that I could somehow transport my home in Northern Virginia to North Dakota. That way I'd be able to refinance my house (which is currently under water) and get a much lower interest rate. Since I'm not behind in my payments, there's no assistance whatsoever for help. I'll guess that I'll have to fall behind in my mortgage payments, receive government assistance in order to become eligible for HARP or some other government assistance...but since I'm a proud to be an American and not willing to fall for the smokescreen that President Obama and his Democratic cronies are spewing out in Washington, DC, I know that I'll never find relief. But one thing is for sure, I'll never cast a vote for a Democratic Presidential nominee, ever, since I'm not willing to sell my soul to the Devil.
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thuathienhue
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Message Posted: Feb 23, 2014 12:39:45 AM

I knew they would
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cutter1330
Champion Author Oklahoma

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Message Posted: Feb 23, 2014 12:37:55 AM

Wait till the boom goes bust....and it will. It's gonna hurt, enjoy while you can.
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forteras
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Message Posted: Feb 23, 2014 12:36:27 AM

Gee, thanks.
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