The data is in! PureWest Montana recently released our bi-annual Market Trends Regional Reports to help you better understand the current state of Montana’s real estate market.
Published on a semi-annual basis by PureWest Real Estate, our Market Trends Regional Reports are robust, detailed, and paint a clear, easy-to-understand picture of the current Montana real estate market. You’ll find data for each county and city in the region — the Northwest, Missoula and Bitterroot Valley, greater Bozeman area and South Central region. These reports are an important part of ensuring each and every PureWest agent is up to date on the latest shifts in the regional markets and can easily share that information with you.
Residential Real Estate Trends
While each local market may be slightly different, here are some key takeaways we’re finding across residential real estate in Montana right now:
- Units sold are at a 5-year low, whether residential or land.
- Sales volume is down compared to 2021-22 but up from 2019-20.
- Days on the market are beginning to increase in 50% of the areas, but a decrease was reflected in some places in the southern half of Montana.
- Sold prices seem to have peaked and are moderating in most markets; there are a few standouts in the Southwest and South Central areas, where prices are still rising for both residential and land.
- Low inventory keeps prices steady (within 95-90% of 2022) in markets that are not still increasing.
- As is typical, land is more volatile in terms of price swings and days on the market.
By perusing the 2023 Reports, you can easily acquire a complete understanding of your local real estate market and 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. Click here to see the Market Trends report online, or contact a PureWest office to discuss it in more detail with an agent.
#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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