There’s no sugar coating today’s Western Montana Real Estate market: we are seeing some of the highest highs and lowest lows. What does that mean, exactly? We analyzed the data across Flathead County, Missoula County and Ravalli County to better understand what’s happening in residential Real Estate in 2022. Let’s dive in…
Editor’s Note: Scroll past the data tables to quickly access the commentary/report, at the bottom of this post.
Closed Sales | Single Family Residence
Q1 2022 | By County
| Price | Flathead County | Missoula County | Ravalli County |
|---|---|---|---|
| $0 – $499,999 | 85* (-59%) | 80 (-44%) | 52 (-44%) |
| $500K – $799,999 | 85 (-23%) | 96 (+78%) | 56 (+51%) |
| $800K – $999,999 | 36 (+44%) | 15 (+15%) | 14 (+180%) |
| $1,000,000+ | 61 (+25%) | 8 (-43%) | 15 (-29%) |
| Total | 267 (-32%) | 199 (-12%) | 137 (-12%) |
* Lowest since April 2009
March 2022 | By County
| Price | Flathead County | Missoula County | Ravalli County |
|---|---|---|---|
| $0 – $499,999 | 26* (-69%) | 32^ (-36%) | 23 (-38%) |
| $500K – $799,999 | 32 (-39%) | 39 (+95%) | 20 (+122%) |
| $800K – $999,999 | 11 (-8%) | 8 (+60%) | 4 (+100%) |
| $1,000,000+ | 25 (+14%) | 3 (-50%) | 5 (flat) |
| Total | 94 (-45%) | 82 (+1%) | 52 (-2%) |
* Lowest ever recorded (note: data goes back to January 2009)
^ Lowest since 2012
Closed Sales | Single Family Residence
Q1 2022 | By Town
| Price | Whitefish | Kalispell | Bigfork | Missoula |
|---|---|---|---|---|
| $0 – $499,999 | 3* (-80%) | 57 (-59%) | 3^ (-67%) | 68* (-41%) |
| $500K – $799,999 | 9 (-59%) | 44 (-23%) | 9 (-50%) | 76 (+95%) |
| $800K – $999,999 | 10 (+25%) | 14 (+56%) | 3 (-40%) | 12 (+20%) |
| $1,000,000+ | 28 (-10%) | 14 (+100%) | 10 (+25%) | 7 (+17%) |
| Total | 50 (-34%) | 129 (-39%) | 25 (-38%) | 163 (-4%) |
* Lowest ever recorded (note: data goes back to January 2009)
^ Second lowest ever recorded
March 2022 | By Town
| Price | Whitefish | Kalispell | Bigfork | Missoula |
|---|---|---|---|---|
| $0 – $499,999 | 1* (-89%) | 14 (-74%) | 1 (flat) | 26 (-26%) |
| $500K – $799,999 | 3 (-70%) | 18 (-33%) | 1 (-89%) | 30 (+88%) |
| $800K – $999,999 | 2 (-50%) | 4 (flat) | 2 (+100%) | 6^ (+50%) |
| $1,000,000+ | 11 (-21%) | 6 (+100%) | 4 (+33%) | 2 (flat) |
| Total | 17 (-54%) | 42 (-52%) | 8 (-43%) | 64 (+12%) |
* Second-lowest ever recorded (0 homes in this price point were sold in February 2022)
^ Prior to 2020, Missoula had never seen more than 4 sales a month in this price range ($800K-$999,999). June, September and December 2021 each saw 10, and March saw 6.
Sales Price | Single Family Residence
Q1 2022 | By County
| Flathead County | Missoula County | Ravalli County | |
|---|---|---|---|
| Average Sales Price | $784,471 (+32%) | $551,725 (+11%) | $610,677 (+1%) |
| Median Sales Price | $565,000 (+33%) | $510,000* (+20%) | $525,000⏦(+19%) |
* Highest ever recorded (note: data goes back to January 2009)
⏦ Tied for highest ever recorded (note: last time Ravalli Co. hit this MSP was September 2021)
March 2022 | By County
| Flathead County | Missoula County | Ravalli County | |
|---|---|---|---|
| Average Sales Price | $894,140^ (+45%) | $565,585 (+12%) | $569,662 (-1%) |
| Median Sales Price | $609,000 (+31%) | $529,000* (+26%) | $466,250 (+12%) |
* Highest ever recorded (note: data goes back to January 2009)
^ Second highest ever recorded
Sales Price | Single Family Residence
Q1 2022 | By Town
| Whitefish | Kalispell | Bigfork | Missoula | |
|---|---|---|---|---|
| Average Sales Price | $1,111,282 (+25%) | $578,370 (+32%) | $1,043,438 (+45%) | $547,925 (+15%) |
| Median Sales Price | $800,000* (+24%) | $476,250 (+34%) | $725,000 (+21%) | $502,000 (+20%) |
* Highest ever recorded (note: data goes back to January 2009)
March 2022 | By Town
| Whitefish | Kalispell | Bigfork | Missoula | |
|---|---|---|---|---|
| Average Sales Price | $1,420,842 (+58%) | $628,529^ (+39%) | $932,445 (+13%) | $556,017 (+17%) |
| Median Sales Price | $900,000* (+34%) | $510,000 (+34%) | $849,000 (+35%) | $512,500 (+22%) |
* Tie for highest ever recorded (note: data goes back to January 2009), February 2022 also had the same MSP
^ Second-highest ever recorded (note: data goes back to January 2009)
Homes For Sale | Single Family Residence
Q1 2022 | By County
| Price | Flathead County | Missoula County | Ravalli County |
|---|---|---|---|
| $0 – $499,999 | 13* (-66%) | 12* (-74%) | 20* (-30%) |
| $500K – $799,999 | 33* (-18%) | 21 (-32%) | 19 (+6%) |
| $800K – $999,999 | 22^ (+22%) | 6 (flat) | 11 (+38%) |
| $1,000,000+ | 81* (-7%) | 32 (+28%) | 41 (+41%) |
| Total | 148 (-19%) | 73 (-36%) | 92 (+10%) |
* Lowest ever recorded (note: data goes back to January 2009)
^ Second lowest ever recorded
March 2022 | By County
| Price | Flathead County | Missoula County | Ravalli County |
|---|---|---|---|
| $0 – $499,999 | 11* (-66%) | 10* (-83%) | 13* (-57%) |
| $500K – $799,999 | 30* (-29%) | 16* (-52%) | 16 (-20%) |
| $800K – $999,999 | 19 (-21%) | 11 (+120%) | 12 (+20%) |
| $1,000,000+ | 86 (-2%) | 34 (+13%) | 37 (-11%) |
| Total | 146 (-22%) | 69 (-43%) | 78 (-11%) |
* Lowest ever recorded (note: data goes back to January 2009)
So What?
The Lowest Lows
Inventory remains low, especially at price points below $500K. In Flathead County and Whitefish, specifically, we have never seen such little inventory close on Single Family Residences (SFR) priced below $500K. This might push families out of Whitefish and into surrounding towns that still have supported inventory (albeit, their inventory levels are also low).
The Highest Highs
Prices continue to skyrocket, especially in Flathead County, who reported its second-highest Average Sales Price ever recorded in Q1, at $894,140. Flathead County’s Whitefish, specifically, saw its highest Median Sales Price ever recorded in Q1 and March 2022, at $800,000 and $900,000, respectively. Missoula County reported similar records, at $510,000 (Q1) and $529,000 (March).
Cash Buyers
In Flathead County, cash buyers represented 28% of all closed sales (of SFR). While that number is on trend from past quarters (Q4 2021 saw 28% of SFR closed with cash and Q1 2021 saw 27%), it is up from pre-pandemic numbers (Q1 2019 saw 23% of SFR closed with cash in Flathead County).
In other parts of Western Montana, numbers were slightly lower, with Ravalli County seeing 26% of SFR closed with cash and 22% in Missoula County.
Buyers: don’t let cash offers deter you from putting in your own offer. We highlighted a few ways to help your offer stand out HERE.
Where Demand Is The Highest
While demand is high across all of Western Montana, we are seeing some of the highest demand with these types of properties:
- Short-Term Rental Zoned/Investment Properties
With Western Montana, especially Whitefish and areas near Glacier National Park and Flathead Lake, drumming up a large vacation population, properties zoned for short-term rental are receiving offers (many times several), almost as quickly as they’re hitting the MLS. - Desirable Areas
In Flathead County specifically, homes on Whitefish Lake, Flathead Lake and in the Iron Horse golf community are some of the properties moving most quickly. Additionally, Single Family Homes within walking distance to downtown Whitefish and/or the schools are moving quickly as well. - Well-Priced
As typical in any Real Estate market, properties that are well-priced are moving more quickly than those that are priced aggressively high. When properties sit on the market for a long time (in today’s market, depending on the type and location of the property, “long” could be considered more than 30 days!), Buyers oftentimes wonder what is “wrong” with it. If you are considering selling your property, it’s important to work with an experienced Agent who can help price – and market – your home effectively. Contact us to see how we can help your property stand out.
Established Equity
Do you own property in Western Montana? With the market’s trajectory, your property values – and equity – will continue to rise. If you are curious to know about your home’s property values, or what you might be able to sell it for in today’s market, contact us. We’d love for you to join us at the office to talk shop over a beer or espresso. Own property but live out of state? We can coordinate a virtual meeting or call to better understand your current situation and future goals.
Was this Q1 2022 Market Report helpful? Is there anything you’d like to see in future reports? We’re here to serve you, so please contact us and let us know how we can help.
All data from the Montana Regional MLS. Data deemed reliable but not guaranteed. Data pulled 4/6/22.
Q1 data is a rolling average of January, February & March 2022. Percentage reflects change from either Q1 2021 or March 2021.
