FARGO β Even Amber Carlton, president of the Fargo-Moorhead Area Association of Realtors, admitted she was a bit taken aback by recent data from her organization which showed metro home sales fell roughly 20% on a year-over-year basis.
The drop-off came not long after the local market ran hot following the onset of the COVID-19 pandemic. The pandemic flooded the market with home buyers β be it apartment dwellers looking to upgrade or existing homeowners who realized their current space no longer suited their needs.
Data from the association only further drives home the point. In 2020, 4,843 homes were sold in the metro area, 799 more than in 2019. Those homes combined to sell for well north of $1.2 billion, $268 million more than 2019.
After a swift rise, Carlton explained the recent drop off shows that the market is cooling off and returning to pre-pandemic levels. David Reid, president of the Home Builders Association of Fargo-Moorhead, and West Fargo city assessor Nick Lee shared similar observations on the local housing market.
With the marketβs recent trends pairing with talks of a recession in 2023, thoughts of the 2008 housing crash and Great Recession provide recent historical context. However, Carlton, Reid and Lee all concurred that the Fargo-Moorhead area is equipped to handle whatever conditions will arise in 2023 and continue climbing. Read our full story to learn more.
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