Is Now the Right Time to Buy a Home in Grand Forks, ND?
If you’re thinking about buying a home in Grand Forks this year, you’ve probably heard a lot of conflicting advice:
- “Wait for interest rates to drop.“
- “Home prices are too high.“
- “Now’s the best time to buy!“
Here’s the reality—no one can predict the perfect time to buy. But if you’re trying to decide whether to jump into the market, there’s one key question you should ask:
How long do you plan to stay?
Because in real estate, time is your biggest advantage. Let’s break it down.
The Longer You Stay, The More You Gain
If you only plan to live in your home for a year or two, buying probably isn’t the best move. Between closing costs, property taxes, and maintenance, the expenses can add up quickly. You might not see enough home value appreciation to offset those costs—and selling too soon could even trigger capital gains taxes if you don’t meet the two-year ownership rule.
But what if you plan to stay longer? According to national trends, the average U.S. homeowner stays put for about 11.8 years. Over that time, history shows that home values tend to increase. In fact, U.S. home prices have risen by at least 30% every decade for the past 50+ years, even accounting for market downturns.
Even during the Great Recession, homeowners who held onto their properties for 10 years or more still saw price growth by the time they sold. And looking at recent trends, Zillow reports that as of February 2025, home values have increased by 45.3% since February 2020—a decade’s worth of appreciation in just five years.
Buying vs. Renting Now in Grand Forks: What’s the Smart Move?
Instead of asking, “Is now a good time to buy?” ask yourself, “How long do I plan to stay?” Here’s a breakdown:
Buy a Home If You’re Staying 10+ Years
✅ You’ll build equity and benefit from long-term appreciation.
✅ You’re locking in a predictable housing payment instead of facing rising rents.
✅ Over time, home values in Grand Forks tend to climb, increasing your investment.
Rent If You Plan to Move in 1–2 Years
✅ Selling too soon could mean losing money on transaction costs.
✅ Renting offers flexibility if your job or lifestyle changes.
✅ In the short term, renting may be the smarter financial decision.
What If You Plan to Stay for 5–7 Years?
- Look at local appreciation trends—Grand Forks has a steady, growing market.
- Compare your potential mortgage vs. rent—in some cases, buying may still be the better financial move.
- Consider a home with rental potential—this gives you flexibility if you need to move.
The Bottom Line
Trying to time the housing market perfectly is nearly impossible. But if you plan to stay in your next home for 10+ years and can afford today’s payments, buying is likely a smart move.
If you’re unsure what makes the most sense for your situation, let’s talk. We’ll go over your goals, look at the latest Grand Forks market data, and weigh your options. Because buying a home isn’t just about today’s market—it’s about where you see yourself in the future.
