Welcome to the Q2 2024 Market Report, where we delve into the latest residential real estate trends across Western Montana, focusing on the dynamics in Flathead, Missoula, and Lewis & Clark Counties. Whether you’re charmed by a property’s character or drawn to its potential for appreciation, the decision to buy or sell requires a thorough understanding of current market conditions. Fortunately, we’ve sifted through the data so you don’t have to! Join us as we unpack the numbers and insights that will help guide your current and future real estate decisions.
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Average Sales Price By County
| Average Sales Price | % Change (vs LQ/LY) | Median Sales Price | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead | $858,192 | +7% / +9% | $630,000 | +9% / +2% |
| Missoula | $654,448 | +19% / +2% | $560,000 | +6% / flat |
| Lewis & Clark | $569,775 | +10% / +22% | $465,000 | +4% / +6% |
Average Sales Price By Town
| Average Sales Price | % Change (vs LQ/LY) | Median Sales Price | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Whitefish | $1,431,032 | -3% / +10% | $992,500 | +6% / +6% |
| Kalispell | $648,359 | +6% / +7% | $552,450 | +5% / +3% |
| Bigfork | $1,125,867 | 13% / +6% | $835,250 | +45% / -1% |
| Missoula | $655,897 | +18% / +9% | $560,000 | +5 / flat |
| Helena | $597,598 | +14% / +28% | $477,500 | +6% / +9% |
The different regions show varying degrees of growth and market dynamics. Whitefish saw a slight dip in average sales prices this quarter, yet it continues to show a solid increase annually, suggesting a minor correction following earlier spikes. The median sales price continues to grow steadily, indicating ongoing demand and a healthy market baseline without extreme fluctuations.
Kalispell displays consistent growth in both average and median sales prices, reflecting a stable and appealing market for buyers and sellers. The positive but moderate growth suggests balanced market conditions without overheating.
Bigfork presents an interesting scenario where the median price has jumped dramatically this quarter, possibly due to a few high-end sales skewing the numbers. The slight drop in median price year-over-year suggests that while the top of the market is active, the broader market might have cooled slightly.
Missoula continues to see significant growth in average sales price, indicating strong market demand and possibly limited inventory. The stable median sales price suggests that while high-value properties drive up averages, the bulk of the housing market remains accessible.
Helena has shown strong year-over-year growth, highlighting its steady appeal in the real estate market. Both average and median prices are rising, indicating a healthy and growing market that is attracting a lot of buyer interest.
Price Per Square Foot By County
| Average PPSF | % Change (vs LQ/LY) | Median PPSF | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead County | $412 | +4 / +7% | $359 | +3 / +2% |
| Missoula County | $342 | +17% / +3% | $324 | +14 / +4% |
| Lewis & Clark County | $279 | +8 / +12% | $270 | +4% / +10% |
Flathead County experienced steady growth both quarterly and annually. Missoula County saw significant increases in the recent quarter, though the year-over-year growth was more modest. Lewis & Clark County showed consistent improvement in both the short term and over the past year, indicating a steadily appreciating market across these regions.
Price Per Square Foot By Town
| Average PPSF | % Change (vs LQ/LY) | Median PPSF | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Whitefish | $585 | flat / -1% | $504 | -1% / -7% |
| Kalispell | $333 | +1% / +4% | $331 | +1% / +5% |
| Bigfork | $434 | -7% / -3% | $397 | +2% / +5% |
| Missoula | $345 | +17% / +2% | $329 | +16% / +4% |
| Helena | $273 | +10% / +13% | $262 | +2% / +11% |
Diving into our towns, in the recent quarter, Whitefish showed stability in average PPSF but experienced declines in median PPSF. Kalispell and Bigfork both saw modest quarterly improvements; however, Bigfork’s average PPSF dipped slightly. Missoula and Helena displayed strong growth both quarterly and annually, with Missoula showing significant increases in both average and median PPSF. Helena also demonstrated robust gains, highlighting a strong upward trend in property values.
Homes For Sale
| New Listings | % Change (vs LQ/LY) | Closed Sales | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead County | 952 | +98% / +19% | 393 | +37% / -2% |
| Missoula County | 562 | +64% / +4% | 353 | +61% / +5% |
| Lewis & Clark County | 424 | +77% / +23% | 222 | +33% / -8% |
| Whitefish | 212 | +110% / +27% | 72 | +50% / -8% |
| Kalispell | 449 | +91% / +20% | 202 | +22% / -8% |
| Bigfork | 92 | +67% / -21% | 50 | +163% / +47% |
| Missoula | 437 | +56% / +3% | 290 | +56% / +6% |
| Helena | 308 | +81% / +7% | 173 | +28% / -7% |
As it typically does in Q2 there’s a notable surge in market activity across several key areas, highlighted by significant increases in new listings. Flathead County and Missoula County observed quarterly rises of 98% and 64% respectively, suggesting a substantial seasonal influx of properties. Lewis & Clark County also showed strong growth with a 77% increase. These trends indicate an opportune moment for buyers, with sustained growth and a robust entry of properties into the market.
Whitefish and Kalispell both experienced considerable quarterly increases in new listings, 110% and 91% respectively, though median sales prices in both areas dipped, suggesting possible slight market adjustments. Bigfork, meanwhile, saw a significant rise in median sales prices, indicating increased demand for premium properties. Missoula and Helena also showed robust growth in listings, making them attractive markets for potential buyers, particularly as the number of options in these traditionally residential areas expands.
Supply & Demand
| Months Supply | % Change (vs LQ/LY) | Average Days on Market | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead County | 7.1 | +18% / +51% | 113 | -10% / -7% |
| Missoula County | 3.8 | +23% / +46% | 71 | -31% / -4% |
| Lewis & Clark County | 3.2 | +28% / +52% | 73 | -14% / +46% |
| Whitefish | 10.5 | +38% / +36% | 130 | +3% / -24% |
| Kalispell | 5.6 | +33% / +60% | 103 | -16% / -6% |
| Bigfork | 6.6 | +20% / -2% | 122 | -18% / +18% |
| Missoula | 3.3 | +18% / +44% | 66 | -35% / -11% |
| Helena | 3 | +43 / +53% | 73 | -12% / +46% |
For sellers in Montana, the latest market trends provide a mixed landscape that varies significantly between regions. Notably, Flathead County shows a 7.1 months supply, a substantial increase of 51% year-over-year, while the Average Days on Market (ADOM) has decreased by 7%, indicating quicker sales than last year despite the increased inventory. Similarly, Missoula County and Lewis & Clark County have seen significant reductions in ADOM, down 31% and 14% respectively, even as their months supply has grown, suggesting an active market that’s absorbing new listings more rapidly than before.
In more localized markets like Whitefish, Kalispell, and Bigfork, the dynamics shift slightly. Whitefish shows a notable increase in months supply and a slight increase in ADOM. Conversely, Kalispell and Bigfork, despite seeing increases in months supply, have witnessed a decrease in ADOM, indicating that while inventory is up, properties are still moving off the market faster. Sellers in these areas should consider these metrics to price and market their properties effectively, ensuring they align with current market conditions to attract buyers efficiently. As always, don’t hesitate to give us a call or stop by to say hello or talk shop!
