Our Market Trend Reports are an important part of this analysis. The 2022 Reports, available here, compare data from the first six months of this year with the previous five years, broken down by each county and city in Montana that PureWest Real Estate serves. We analyze residential real estate units sold, the average and median sales prices, gross sales volume for residential and land, price-point breakdowns of closed transactions, and much more.
Residential Real Estate Trends
While each local market may be slightly different, these are the trends we’re finding across residential real estate in Montana right now:
• Prices seem to be stabilizing after the recent steep property value increases.
• Available inventory is growing slightly, yet still struggles to meet buyers' needs. The desire to experience the Montana lifestyle isn't waning, but the extreme demand has subsided.
• Some segments are beginning to see the average days on market increase, but no clear trend has emerged. New listings aren't going under contract overnight, as seen during the height of the pandemic. Buyers have more time to react and are often no longer competing with multiple offers.
• Although mortgage prices rose this year, they are hovering just under 6%, which is still historically very low.
• Overall, we are experiencing a subtle cooling compared to the intensity of the past two years—a correction from what many perceived as unsustainable recent market conditions.
#1 Brokerage in Montana
PureWest Christie’s is the market leader for a reason. We have the local knowledge and vast resources that allow us to deliver exceptional results every time. We believe in building relationships on experience and trust, regardless of the current real estate climate. Although we’ll continue to see adjustments in the overall market, conditions remain strong. If you would like to discuss how the market trends apply to your individual situation, whether you are buying or selling, it would be our pleasure to do so. At PureWest Christie’s, we build relationships for life.
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