Looking ahead, Matthew Gardner anticipates a slight dip in prices before stability is reached in the summer, followed by a resurgence as mortgage rates decline. The only counties that witnessed price declines were Broadwater, Jefferson, Gallatin, and Park. However, over half of the counties surveyed experienced price increases quarter over quarter. Interestingly, the median listing price across the region was 1.4% higher than at the end of last year, indicating the market's confidence relative to the rest of the country.Ĭounty-wise, prices rose in five counties year over year, remained static in one, and fell in four. Moreover, the average sale price rose by 3.1% compared to the fourth quarter of 2022. Home prices increased by 0.2% year over year, reaching an average sale price of $747,158. Montana Home Pricesĭespite significantly higher financing costs, Montana's housing market has shown resilience. Nevertheless, the low levels of inventory may pose a challenge to the market's growth. However, pending sales rose by 14.1% quarter over quarter, suggesting the possibility of higher closings in the second quarter. While Jefferson County experienced a rise in sales compared to the final quarter of last year, other market areas witnessed a decline. These trends indicate that the market has become tighter, with limited inventory. Listing activity, on the other hand, increased by 66% compared to the same period in 2022, but saw a slight decrease of 3.5% from the fourth quarter of 2022. Additionally, sales activity fell by 23.4% in comparison to the previous quarter. The first quarter of 2023 saw a 29.6% decline in home sales compared to the same period in 2022. Among the metro areas covered in this report, Billings boasted the lowest jobless rate at 2.2%, while Missoula and Great Falls had rates of 2.4% each. The state unemployment rate in February decreased to 2.4%, down from 2.5% in the first quarter of 2022. Most regions showed a similar change in trajectory, except Billings, which witnessed a loss of 400 jobs in the past 12 months. After a slowdown in employment gains in the fourth quarter of 2022, the state seems to have regained momentum. Montana experienced a solid growth rate of 2.5% in terms of job additions, with 12,600 jobs added year over year. With the aim of assisting individuals in making better-informed real estate decisions, this analysis covers various aspects such as economic overview, home sales, home prices, mortgage rates, and days on the market, and concludes with expert predictions for the future. The Montana housing market, like many others across the country, has been grappling with the impact of the pandemic on the economy, employment rates, and home prices. Matthew Gardner, the chief economist at Windermere Real Estate, provides the following study of the real estate markets in a few counties in Montana for the first quarter of 2023. Nevertheless, each city and town has its local real estate trends. Despite the high listing prices, demand in the state remains robust, resulting in rapid property sales. No metro area in Montana is forecasted to see a decline in home values over the next twelve months. Montana is a seller's market. That’s a 3.3% increase year-over-year (YoY), and Zillow predicts the market will continue to rise over the next twelve months. In April 2023, the typical home in the state of Montana was valued at $440,339. The Montana housing market remains strong in 2023, thanks to a combination of high demand, limited supply, and continuously rising house prices. When is the Best Time to Sell a House in 2023?.Turnkey Homes for Sale Are Selling Fast in 2023.Naples Housing Market: Prices, Trends, Forecast 2023. Cape Coral Housing Market: Prices, Trends, Forecast 2023.Irvine Housing Market: Prices, Trends, Forecast 2023.Fresno Housing Market: Prices, Trends, Forecast 2023.
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