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Williston, North Dakota Real Estate Update - 2024


Comprehensive Real Estate Analysis: Williston, North Dakota


Introduction

Williston, North Dakota, has been a focal point of economic growth and development in recent years. This report aims to provide a detailed analysis of the real estate landscape in Williston, focusing on growth trends in zip codes, crime rates, economic and development plans, as well as demographic and population growth data. The insights presented are based on the latest available data and are intended to inform stakeholders, including investors, policymakers, and residents, about the current state and future prospects of Williston's real estate market.


1. Popular and Fast-Growing Zip Codes

Williston, North Dakota, encompasses three ZIP codes ranging from 58801 to 58803. Among these, 58801 is a Standard ZIP Code, while the remaining two are designated for PO Boxes. The total population within Williston's ZIP codes is 33,579, with ZIP code 58801 being the most populous and significant in terms of residential and commercial activity (Homesnacks.com;


The growth in these areas can be attributed to the city's economic expansion, driven by the oil industry and related sectors. The demand for housing and commercial spaces has surged, making these ZIP codes particularly attractive for real estate development and investment.


2. Crime Rate and Trend

The crime rate in Williston has been a concern, with the city experiencing a higher rate of both violent and property crimes compared to the national average. The chance of becoming a victim of either violent or property crime in Williston is 1 in 40. When compared to other communities of similar population size, Williston's crime rate per thousand residents stands out as higher than most (Neighborhoodscout.com).


However, it is important to note that the city's law enforcement agencies are actively working to address these issues. The ratio of all residents to sex offenders in Williston is 320 to 1, which is near the state average, indicating ongoing efforts to maintain community safety (City-data.com).


More neighborhoods and zip codes information are here


3. Economy and Development Plans

Williston's economy has been robust, largely due to the oil boom that has attracted businesses and workers to the area. The Williston Economic Development office has released a strategic plan for 2022 to 2027, outlining six new initiatives aimed at fostering economic growth. These initiatives include business attraction, retention, and expansion; quality of life development; and workforce skills training (Willistonherald.com; Cityofwilliston.com).


The strategic plan emphasizes the importance of creating a welcoming business climate and improving the quality of life to attract and retain a skilled workforce. The city's leadership is committed to supporting law enforcement, fire, and ambulance services to keep pace with the growing population and ensure public safety (Kfyrtv.com).


4. Demographic and Population Growth Information

Williston has experienced significant population growth, with the population increasing by 100.6% from 2010 to 2020. However, recent data suggests a slight decline, with the population decreasing by 9.97% since the 2020 census, bringing the current population to 26,393 (Worldpopulationreview.com; Homesnacks.com).


The demographic composition of Williston is diverse, with the majority being White (73.5%), followed by Hispanic (11.3%), African American (7.2%), Asian (1.3%), American Indian (1.3%), and other races. The median age in Williston is 31.4 years, indicating a relatively young population, which is beneficial for the workforce and economic vitality (Homesnacks.com).


The average household income in Williston is $106,859, with a poverty rate of 7.36%. These figures reflect the city's strong economic position and the opportunities available for residents and businesses alike (Worldpopulationreview.com).


5. Business Incentives in Williston

Williston offers a range of business incentives designed to attract and support new and expanding businesses. A key component of these incentives is the STAR Fund, which is used to assist small business projects, expansions, and quality of life initiatives within the community. In 2021, the STAR Fund allocated $631,000 to 35 projects, including seven new businesses, four business expansions, and three quality of life projects (Williston Herald, 2021). The STAR Fund Advisory Board continues to evaluate applications, with a focus on registered nonprofit organizations that can improve the quality of life in the Williston trade region (Williston Economic Development, n.d.).


The STAR Fund also provides grants to support various projects. For instance, in September 2023, the Williston City Commission approved $137,500 from the STAR Fund to assist seven projects, including a real estate holding company that received up to $60,000 to update the exteriors of three downtown buildings (Constant Contact, 2023). Additionally, the Community Enhancement Grant program offers financial assistance for eligible nonprofit projects, with up to $50,000 approved for requests in September 2023 (Constant Contact, 2023).


6. Job Growth and Employment Information

Williston has shown significant growth in several economic areas. The unemployment rate in Williams County, where Williston is located, was 4.6% in March 2022, a substantial decrease from 9.1% in the previous year. This rate was lower than the state's unemployment rate of 3.3% for the same period (Williston Herald, 2022). More recent data indicates that the unemployment rate in Williston has further decreased to 1.50%, which is lower than the long-term average of 3.11% (YCharts, n.d.).


The city has also seen an increase in building permits, with 127 permits issued year-to-date, up from 63 in the previous year. The total value of these permits was $7,929,688, more than double the value from the previous year (Williston Herald, 2022). Additionally, taxable sales and purchases in Williston increased by 29.72% from the third quarter of 2020 to the third quarter of 2021, indicating a robust economic activity (Williston Herald, 2022).


7. Major Employers and New Businesses in Williston

Williston is home to several major employers, particularly in the oil and gas industry, which has historically been the backbone of the region's economy. However, the city is diversifying its economic base to include technology and value-added industries.


Recent developments include the construction of the Atlas Power Data Center by FX Solutions, which represents a significant investment in the region's tech sector. The data center will be one of the largest in the world and will support cryptocurrency mining and other digital services (Livability, 2022).


The city is also at the forefront of innovation in unmanned aircraft systems (UAS) and cryptocurrency. Vantis, the nation's first statewide UAS beyond visual line of sight network, chose North Dakota as its testing ground, with plans to start between Williston and Watford City and expand in the future (Livability, 2022).


In terms of new businesses, Williston has welcomed several chain-brand businesses, including Starbucks, Jersey Mike's, T-Mobile, and Noodles & Company, as part of a new development north of town (KFYR-TV, 2023). Additionally, the city has seen the arrival of The Hub Bicycle and Sport Shop, Slaters (a live band venue and bar), and Cold Stone Creamery (KXNET, 2019).


Furthermore, Williston is preparing for the construction of value-added projects such as the Cerilon gas-to-liquids plant, the SAFuelsX plant, and Wellspring Hydro. These facilities will convert byproducts from the oil and gas industry into valuable materials like diesel fuel and lithium, representing a significant diversification of the local economy (KFYR-TV, 2022).


8. Large Residential and Commercial Development Projects

  • Williston Square Development
    One of the most ambitious projects in Williston is the Williston Square development, a nearly 800-acre redevelopment initiative on the site of the former Sloulin Field International Airport. The master plan for Williston Square includes commercial, office, and tech business spaces, diverse residential options, and recreational amenities, such as a public civic center park. The development is designed to be pedestrian-oriented and aims to foster a sense of community with retail, medical, grocery, commercial, office, restaurant, and various residential options (Williston Square Tri-Fold Brochure).

As of the latest updates, 48 acres have been sold or are under contract, with 176 acres dedicated to commercial development and 317 acres for residential purposes. The plan also allocates 185 acres to parks and public spaces, indicating a balanced approach to development that values green spaces and community areas (Williston Square Tri-Fold Brochure).


  • Infrastructure Investments
    The city of Williston has invested $67.3 million in infrastructure, with construction starting in 2020. This investment is a clear indicator of the city's commitment to supporting the growth and development of the area. The infrastructure improvements are likely to enhance the attractiveness of Williston for new businesses and residents (Williston Square Tri-Fold Brochure).

9. New Construction Communities and Major Builders

  • New Construction Homes and Communities
    The real estate market in Williston is active with new construction homes for sale. The median listing home price for new construction homes is $265,000, with properties spending an average of 90 days on the market. These homes are spread across various zip codes, including 58801 and 58854, and are also present in neighboring cities such as Epping, Alexander, Ray, Fairview, and Zahl (Realtor.com).

  • Major Builders and Developments
    Glen Development LLC is a notable player in the Williston real estate market, specializing in commercial real estate development and property management. They have a portfolio that includes the Metro Building and the Landmark Building, both of which are significant commercial properties in downtown Williston. Additionally, Glen Development is involved in residential real estate development, managing apartments in the downtown area (Glen Development).

10. Latest Real Estate Listing Inventory and Price Trend Information

  • Inventory and Market Trends
    As of January 2024, the Williston real estate market report from Realtor.com shows that the market is active, with a number of recent sales and a report on inventory trends locally, statewide, and nationally. The market hotness map indicates the relative demand for real estate in the area (YDR Real Estate Market Report).

  • Price Trends
    The median listing home price in Williston was $369,000 in January 2024, showing a year-over-year increase of 1.1%. The median listing home price per square foot was $176, and the median home sold price was $309,000. Homes in Williston sold for an average of 6.67% below the asking price, indicating a buyer's market (Realtor.com).

  • Recent Sales and Listings
    Recent sales in Williston include a property sold for $555,889 with a lot size of 10,019 sqft. Another property sold for $270,224, and one for $120,700. These sales reflect a range of property values and suggest a diverse market with options for various buyer segments (RealtyTrac).

The newest listings in Williston include 16 homes, showcasing the active nature of the market and the availability of properties for potential buyers. These listings provide a snapshot of the current inventory and the types of homes available for purchase (Realtor.com).



Conclusion

Williston, North Dakota, presents a dynamic real estate market characterized by rapid growth in specific ZIP codes, alongside a challenging yet improving crime situation, ambitious economic development plans, and a young and diverse population. While the city grapples with challenges, particularly in terms of crime rates, its strategic initiatives and economic prospects suggest a positive outlook for the future.


Furthermore, Williston, North Dakota, is currently experiencing significant economic growth and diversification. The city's successful business incentives, particularly the STAR Fund, have attracted new businesses and supported expansions. Employment statistics reflect a healthy job market with a declining unemployment rate. Established major employers thrive, while emerging businesses, particularly in technology and value-added projects, contribute to a more varied economic landscape. Williston's strategic economic development approach positions it as a promising destination for business investment and job creation.


Additionally, Williston is a city undergoing substantial growth, evident in large-scale development projects like Williston Square and a robust real estate market characterized by new construction and active listings. Strategic investments in infrastructure and the involvement of major builders like Glen Development LLC propel growth and diversification in the local economy. Real estate market trends show healthy demand for properties, with a slight year-over-year increase in median listing prices and a buyer-favorable market. As Williston continues to expand, it presents a promising landscape for real estate investment and development.


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References

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