Friday
November 28, 2014

The State With the Fastest Housing Market Growth Is…

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The State With the Fastest Housing Market Growth Is…

North Dakota once again proved to be the dominant leader in having the nation’s fastest housing growth in the country, a title it’s earned for the last three years, according to Census Bureau statistics released this week. The oil boom continues to drive up demand for housing throughout the state.

North Dakota added 10,207 housing units in 2013, a growth of 3.1 percent, higher than any other state in the country. The national average growth rate was 0.3 percent.

Williams County, located in the state’s western oil area, boasted the highest amount of housing development of any other county in the nation. In Williams County, housing units rose by 15.6 percent in the year from July 2012 to July 2013, and grew 40 percent over a three-year period. Five of the top 10 counties in the nation for housing growth were located in the state, including Williams, Stark, Ward, Morton, and Burleigh.

Even still, the state hasn’t been able to keep up with high demand. The state continues to face low inventories, and high demand has pushed rents up to among the highest in the country.

"North Dakota's strong economy is fueling development across the state that includes a major expansion of new housing for residents of all income levels," says Gov. Jack Dalrymple. "We will continue working with private industry to expand our housing opportunities throughout the state, especially in communities experiencing rapid growth."

Source: “North Dakota Again Leads Nation in Housing Growth,” The Associated Press (May 23, 2014)

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Oil Boom Sparks Housing Rush in North Dakota