Thu, Dec 21st, 2023 - 8:13am
December 23, 2021 - 3:50pm | By Tom Tucker
(Fargo, ND) -- The FM area real estate market is slowing down just a bit after a very busy summer. However, inventory remains tight contributing to upward pressure on prices.
"It's just been kind of like a roller coaster quite honestly and that is not quite completely abnormal to real estate but this one has been like a really big fast roller coaster. One of the challenges that we are facing is inventory shortages across the specturm," said broker Maureen Bartelt with Berkshire Hathaway
The latest inventory numbers from November show there are 200 fewer homes for sale in Fargo. West Fargo is down about 250 homes. In Moorhead, there are 100 fewer homes on the market. When it comes to the average selling price, West Fargo comes in at $330 thousand, Fargo at $256 thousand, and Moorhead at $245 thousand.
Bartelt says buyers especially right now need to enter the market with patience and flexibility.
When it comes to new home construction, Bartlet says the soaring prices of commodities like wood and a shortage of certain supplies are also putting upward pressure on prices.
