![]() ![]() The latest reports showed that Montana added about 12,600 jobs year over year, which accounts for a growth rate of 2.5%.Īdditionally, March figures suggest that the slowdown in employment gains reported in last year's fourth quarter has turned. Therefore, homebuyers and investors should consider properties' sensitivity to the economic cycle before purchasing a housing unit. Overall, the real estate market is sluggish if the economy struggles. The value of real estate properties often fluctuates due to changes in the regional economy, which is measured by multiple indicators, such as employment rate, Gross Domestic Product (GDP), goods' prices, and manufacturing activity. What Factors Affect the Montana Real Estate Market?ĭifferent aspects can affect the Montana real estate market, including the state's economy, the national mortgage interest rates, local government policies, and demographics. Roosevelt, Powell, Wibaux, Deer Lodge, and Teton had the most foreclosures per housing unit. In this state, which has the country's 44th largest population, there were 34 foreclosures out of 512,553 homes.Īs a result, the foreclosure rate in Montana was one in every 15,075 housing units. These are the latest figures:Īccording to SoFi's March report, Montana ranked 47th for the highest foreclosure rate. ![]() Mortgage RatesĪlthough early March's banking crisis impacted the market, during this year's first quarter, mortgage rates were less volatile than in 2022. However, in Broadwater and Madison counties, the average time it took to sell a home fell by 17 days and 13 days, respectively. Median Days on the MarketĬompared to the same period in 2022, the amount of time it took to sell a home in Montana rose by 19 days.Ī study conducted by Windermere Real Estate showed that the median days on the market for a home in Montana was 93 days, considering data from the following markets: However, low inventory could hold the Montana housing market back. However, the number dropped in the rest of the market areas.Īnalysts expect closings to rise in this year's second quarter, as pending sales increased by 14.1% quarter over quarter. Compared to reports issued between October and December, sales were up in Jefferson County. ![]() Since last year's first quarter, sales have fallen across the board. Sales activity also fell by 23.4% during this year's first quarter compared to the previous quarter.Īlthough the listing activity between January and March was 66% higher than in the same period last year, it fell by 3.5% compared to the fourth quarter of 2022. The latest reports showed that the number of home sales fell by 29.6% to 1,273 units sold in this year's first quarter compared to January-March 2022 figures. While median listing prices were higher across the region, they fell in Broadwater, Gallatin, Jefferson, and Ravalli counties. Year over year, home prices increased in five counties: Lake, Missoula, Park, Flathead, and Lewis & Clark. The median listing price rose by 1.4% compared to reports issued in late 2022. Compared to reports for the fourth quarter of 2022, that's an increase of 3.1%.ĭespite high financing costs, the Montana real estate market has shown signs of resilience. In Montana, home prices rose by 0.2% year over year, reaching an average sale price of $747,158 in March of this year. Here's more information about the Montana housing market trends spotted during this year's first quarter. However, like other states, Montana has been struggling due to the effects of the Covid-19 pandemic on the local economy. While each city and town has different real estate trends, experts believe that no metro area in Montana will experience a decline in home values this year. In 2023, the Montana housing market is still strong, with robust demand and increasing property sales despite high prices. ![]() Read on! Montana Real Estate Market Trends Luckily, here's all the information you need to make a wise decision. Whether you're a first-time buyer or an experienced real estate investor, understanding the Montana housing market trends and predictions is crucial to know if you should buy a home in this state. What do experts say about the future of this state's housing market? Is it likely to crash soon? Should investors purchase residential properties there? However, there are other factors to consider before buying homes in Montana. Often called "Big Sky Country," Montana has plenty of wide-open spaces juxtaposed against majestic mountains and skies stretching uninterrupted to the horizon.Īdditionally, this state offers a thriving real estate market, a bustling economy, many job opportunities, and a low cost of living. Montana is a beautiful destination for homebuyers who don't like big cities, offering small-town charm with an abiding sense of familiarity. ![]()
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