North Dakota home prices soar with oil boom; average value of home sold in 2013 topped $200K

  • Article by: JAMES MacPHERSON , Associated Press
  • Updated: February 20, 2014 - 3:16 PM

BISMARCK, N.D. — 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.

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WaterBunkerFeb. 20, 14 3:28 PM

I do not understand the Strib's obsession with ND. If it wasn't so liberal, one could conclude the coverage is to get MN to embrace business, but that's not it. If it's envy, wouldn't the Strib prefer not to cover ND? I don't get it.

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dirtydogsFeb. 20, 14 3:52 PM

This is going to be a short lived economic explosion. I don't know how much oil is in ND (10 to 20 year before it dries up?), but when they turn off the spigot, it will again be a ghost town. Price will go down faster than they went up.

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WaterBunkerFeb. 20, 14 5:44 PM

Dirtydogs: There is an estimated 30 to 50 year supply of recoverable oil with today's technology at current production rates. Plus natural gas supplies are larger. The risk is over building of real estate...not an oil bubble. Prices will not decline because of ND oil, but rather world supply if other oil finds surface. That would lead to $2.00 a gallon gas. We can only hope.

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donm251Feb. 20, 14 6:18 PM

There's an estimated 503,000,000,000 barrels in the Bakken field. It's expected to last a little more than 100 years, if oil stays above $60/barrel.

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likeitcoldFeb. 20, 14 6:33 PM

WaterBunker - They care because it’s a big deal! You see these stories in the NY Times and Washington Post too, and it’s going impact MN. Go check out the folks downtown waiting to go west on the Empire Builder at the start of the workweek. The outlook for the Bakken is strong, especially once they start keeping the gas. Lil’ ol’ NoDak will never be the same. You won’t recognize Fargo-Moorhead in 20 years.

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WaterBunkerFeb. 20, 14 7:26 PM

likeitcold; Fargo Moorhead is about 200 miles east of the Bakken field. I think we will recognize Fargo. Red River, fertile valley fields, NDSU, etc. will all look about the same.

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mirandazzFeb. 20, 14 7:48 PM

When the oil is gone the jobs will,be gone and the housing market will crash.

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yathinksoFeb. 20, 14 7:54 PM

The new estimates should give potential investors confidence that the oil boom could have decades to run. At the current rate of production — 22.5 million barrels in January — it would take 27 years to remove 7.4 billion barrels from the ground. From the Star Trib last year.

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