The Western Montana real estate market has seen significant changes in recent years, marked by a surge in demand and limited inventory. While today’s market may no longer resemble the elusive ‘unicorns’ of the past, there are still plenty of positives to consider when buying or selling property in our area. In this article, we’ll explore the current state of Western Montana real estate and highlight four key positives in today’s market.
Editor’s Note: Before we dive in, we need to acknowledge the ‘unicorn years’ of real estate, a period from late summer of 2020 into 2022. By definition, albeit less common, unicorn is something that is greatly desired but difficult or impossible to find. We saw this time period in real estate history dubbed the ‘unicorn’ years and loved it, as it’s most likely something we’ll never see again, yet, many still desire it. And while the market has now begun to settle, the …”unicorns have galloped off,” which is a quote we found recently came across that made us chuckle. And while we wanted to name the title of this blog post “The Unicorns Have Galloped Off,” the SEO-gods of the Internet say NO, so we had to keep to a more formal/more boring title. Regardless, there’s no cause for panic: read on for four positives in today’s market.
Appreciation and Property Values Remain High
Despite the shifting dynamics, Western Montana continues to experience appreciation in property values. Homeowners looking to sell can take advantage of this positive trend, as prices remain strong compared to pre-pandemic years. Specifically in Flathead County, Average Home Prices have increased +95% from 2019 to 2023, while prices in Missoula, Ravalli and Lewis & Clark Counties have increased +66%, +70% and +68% respectively. We’ve written several times before about the “reset” of pricing our local market has experienced. While we don’t have a crystal ball, we don’t anticipate prices dropping to pre-‘unicorn’ days. However, we continue to occasionally see inflated pricing on listed properties. With that, Buyers will need to work closely with their real estate Agents to ensure they make informed decisions and offers.
Increased Inventory Offers More Choices
Compared to the past few years, the Western Montana real estate market now offers a broader range of inventory for Buyers to choose from. The increased availability provides Buyers with greater options to find a property that suits their needs and preferences. This expansion in inventory helps balance the market and creates a more favorable environment for Buyers.
Sellers, it’s important to ensure your property has its right foot forward at all times. Has your property been sitting idle? We tackled 5 things to do before listing your home in a recent blog post that’s worth a read.
Homes are Still Selling, Despite the Longer Time on Market
While properties may be sitting on the market for longer durations than during the peak ‘unicorn’ years of the pandemic, there is still movement in the Western Montana real estate market. Sellers and buyers can take comfort in knowing that transactions are occurring, albeit with slightly longer DOM (days on market) times. Sellers, don’t worry, if priced appropriately, your property will sell.
Demand Is Still Greater Than Pre-‘Unicorn’ Years
According to Showing Time (a national indicator that tracks real estate showings), showing traffic was up +44% in 2023 compared to 2019.
So What?
The Western Montana real estate market has transitioned from the ‘unicorn’ era to a more stable phase, offering different opportunities and advantages for Buyers and Sellers. Despite the shift, the market retains strong property values, increased inventory options, and continued activity. It’s important to stay informed and seek guidance from experienced real estate professionals who can help navigate this evolving landscape. If you’re considering buying or selling property in Western Montana, our team is here to assist you in making informed decisions that align with your goals. Contact us today to explore the unique and exciting real estate opportunities available in our beautiful Treasure State.
