WDAY.com

WDAZ: Your Home Team

Published July 09, 2012, 03:51 PM

GF Has Single-family Housing Shortage

(WDAZ-TV) - Grand Forks is experiencing a housing shortage, especially when it comes to single family homes. That means it's a strong seller's market and a challenge for those who want to buy a house.

By: David Schwab, WDAZ

(WDAZ-TV) - Grand Forks is experiencing a housing shortage, especially when it comes to single family homes.

That means it's a strong seller's market and a challenge for those who want to buy a house.

Steve Adams, a Realtor with Prudential Crary homes, says there are about 100 homes for sale in the Grand Forks and East Grand Forks area.

Adams says that is about half of what is available in a typical year.

That not only affects the price of homes, but can make it tougher for businesses to attract potential employees to Grand Forks.

Mark Shill from the Praxis Stategy group says a housing shortage gives other nearby cities like Fargo an advantage when it comes recruiting businesses and employees.

"You hear a lot of anecdotal stories of your neighbors or your friends selling their house now in the last three or four months in four hours at a ten to fifteen percent premium over what it's appraised at," Shill said.

One and two-family home construction starts are up this year compared to last year. There are 53 this year, 12 more than last year.

Tags: