The real estate market in Montana has been on a steady rise, with home prices increasing by an average of 5.5% year-over-year in the fourth quarter of 2022. This trend is expected to continue in 2023, with Zillow predicting that home prices will increase by 1.3% in Billings and 2.4% in Bozeman.
There are a number of factors contributing to prices in Montana’s real estate market. One factor is the state’s strong economy. Montana has one of the lowest unemployment rates in the country, and the state’s job market is expected to continue to grow in the coming years. Another factor is the state’s natural beauty with so many people attracted to the state’s outdoor lifestyle with its stunning mountains, forests, and rivers.
The rising prices in Montana’s real estate market are making it more difficult for first-time homebuyers to purchase a home. However, there are still some affordable options available, especially in smaller towns and rural areas. Buyers who are willing to be flexible with their location and budget may be able to find a home that fits their needs.
Here are some of the key trends in the Montana real estate market:
- Home prices have been rising since the start of the pandemic. The median home price in Montana was $420,572 in February 2023, up 6.7% year-over-year.
- Demand is still outpacing supply. The inventory of homes for sale in Montana is very low, which is keeping prices high.
- Buyers need to be prepared to act quickly when they find a home they want.
- There are still some affordable options available. Buyers who are willing to be flexible with their location and budget may be able to find a home that fits their needs.
If you are considering buying a home in Montana, it is important to work with a qualified real estate agent who can help you find the right property for your needs and budget.