Welcome to the Q3 2024 Market Report, your go-to resource for understanding the latest trends in Western Montana’s residential real estate market. This edition highlights key developments in Flathead, Missoula, and Lewis & Clark Counties. Whether you’re considering buying or selling—motivated by a home’s unique appeal or its investment value—staying informed on market conditions is essential. We’ve taken care of the analysis, so you can focus on making the best decisions.
Plus, in this report, we’re excited to include a forward look at Q4 2024 from our guest contributor, offering expert insights to help you navigate the months ahead. Join us as we break down the numbers, trends, and projections that matter most for your real estate journey.
Mobile Readers: Swipe left on the tables below to view all data.
Average Sales Price By County
| Average Sales Price | % Change (vs LQ/LY) | Median Sales Price | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead | $870,525 | +1% / +6% | $615,000 | -3% / +2% |
| Missoula | $654,448 | flat / +9% | $562,000 | flat / +2% |
| Lewis & Clark | $521,091 | -8% / +9% | $452,500 | -3% / +5% |
Average Sales Price By Town
| Average Sales Price | % Change (vs LQ/LY) | Median Sales Price | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Whitefish | $1,581,529 | +10% / +10% | $987,500 | -2% / +6% |
| Kalispell | $639,583 | -1% / +1% | $531,900 | -4% / flat |
| Bigfork | $1,590,475 | +40% / +30% | $907,450 | +9% / +13% |
| Missoula | $670,447 | +2% / +5% | $594,552 | +5% / +2% |
| Helena | $498,847 | -16% / +10% | $463,500 | -3% / +9% |
In Q3, 2024 the counties of Flathead, Missoula, and Lewis & Clark each showed varied market dynamics. Flathead County experienced stable growth with minor fluctuations, reflecting ongoing buyer interest. Missoula continued to demonstrate strong demand, with both average and median prices holding steady, signaling a healthy market. Meanwhile, Lewis & Clark saw a temporary dip in average prices, though year-over-year growth remained positive. Overall, these counties show resilience and sustained buyer interest, with subtle shifts in market conditions but no major disruptions.
Kalispell’s market showed minor fluctuations this quarter. Average sales prices experienced a slight decline, but year-over-year growth remained positive, indicating a stable and balanced market. The small dip in prices reflects a market that is adjusting rather than cooling off, with steady demand from both buyers and sellers. Kalispell continues to offer attractive opportunities for a broad range of buyers, maintaining its position as a reliable and appealing market without major volatility.
A standout performer, Bigfork’s market saw impressive growth, driven by luxury home sales. This quarter’s dramatic rise in prices hints at increased interest in high-end properties, though the broader market may be more stable.
Missoula continues to show stable growth with an increase in average sales prices from last quarter, and a year-over-year rise. The median sales price also saw a solid QoQ increase, showing a healthy balance across the market. Year-over-year, the median price increase suggests continued demand for a variety of properties. While high-value homes are influencing averages, Missoula’s broader market remains strong and accessible, reflecting a steady flow of interest from both buyers and sellers
Helena’s market saw some adjustments this quarter, with a decline in average prices compared to earlier in the year. However, year-over-year growth remains strong, indicating that Helena continues to be an appealing choice for buyers seeking long-term value. The dip in quarterly numbers may point to short-term fluctuations, but the overall trend suggests steady demand.
Price Per Square Foot By County
| Average PPSF | % Change (vs LQ/LY) | Median PPSF | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead County | $416 | +1% / +3% | $357 | -1% / +3% |
| Missoula County | $344 | +1% / +5% | $329 | +2% / +6% |
| Lewis & Clark County | $266 | -5% / +8% | $260 | -4% / +8% |
Across Western Montana, real estate markets displayed a mix of steady growth and slight fluctuations in Q3 2024, with most areas showing year-over-year increases in property values, despite some quarterly variations. This balance reflects ongoing demand, particularly in mid-range properties, while certain luxury segments experience minor adjustments.
Price Per Square Foot By Town
| Average PPSF | % Change (vs LQ/LY) | Median PPSF | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Whitefish | $627 | +7% / -2% | $552 | +4% / -4% |
| Kalispell | $335 | +1% / +6% | $323 | -2% / +6% |
| Bigfork | $464 | -7% / flat | $402 | +1% / +4% |
| Missoula | $343 | +1% / +4% | $332 | +1% / +5% |
| Helena | $259 | -5% / +7% | $249 | -5% / +7% |
Whitefish maintained stability in average PPSF, though it experienced a slight decline in median PPSF compared to last year. Kalispell showed modest improvements, with increases in both average and median PPSF, indicating steady growth. Bigfork, despite strong overall sales, saw a small dip in average PPSF, likely due to a higher volume of mid-range homes balancing out luxury sales from previous quarters. Missoula demonstrated consistent growth, with rises in both average and median PPSF quarter-over-quarter, and a notable increase from last year, reflecting strong demand and rising property values. Helena, while experiencing a quarterly dip in average PPSF, posted solid year-over-year gains in both average and median PPSF, signaling strong demand despite some short-term fluctuations.
Homes For Sale
| New Listings | % Change (vs LQ/LY) | Closed Sales | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead County | 765 | -20% / +13% | 486 | +24% / -4% |
| Missoula County | 493 | -12% / -1% | 324 | -8% / -2% |
| Lewis & Clark County | 359 | -15% / +10% | 267 | +20% / -1% |
| Whitefish | 190 | -10% / +15% | 98 | +36% / -15% |
| Kalispell | 343 | -23% / +13% | 238 | +18% / -1% |
| Bigfork | 86 | -7% / -2% | 52 | +4% / +3% |
| Missoula | 307 | +30% / +34% | 265 | -9% / -2% |
| Helena | 182 | -40% / +27% | 204 | +18% / -1% |
As summer winds down, it’s typical to see a slowdown in new listings, and this trend is reflected across Flathead, Missoula, and Lewis & Clark Counties. All three areas saw a drop in new listings, with Flathead and Lewis & Clark Counties experiencing strong sales growth as buyers took advantage of available inventory. Whitefish and Helena also had fewer new listings but showed notable sales growth, reflecting continued demand. Although Missoula saw fewer closed sales this quarter, it still benefited from an increased supply and strong buyer interest earlier in the year. The seasonal shift typically leads to fewer properties entering the market, but buyer activity remains steady, particularly as people aim to secure homes before winter. In localized markets like Kalispell, where affordability is key, mid-range homes continue to attract faster transactions, while high-end properties in Bigfork and Whitefish may have contributed to slower sales.
Supply & Demand
| Months Supply | % Change (vs LQ/LY) | Average Days on Market | % Change (vs LQ/LY) | |
|---|---|---|---|---|
| Flathead County | 8.5 | +20% / +36% | 108 | -4% / -9% |
| Missoula County | 4.7 | +24% / +39% | 73 | -3% / -3% |
| Lewis & Clark County | 4.1 | +28% / +40% | 69 | -5% / +11% |
| Whitefish | 12.5 | +19% / +25% | 112 | -14% / -31% |
| Kalispell | 6.6 | +18% / +50% | 91 | -12% / -4% |
| Bigfork | 9.1 | +38% / +13% | 119 | -2% / +40% |
| Missoula | 4.1 | +24% / +39% | 57 | -14% / -7% |
| Helena | 3.5 | +43% / +39% | 57 | -22% / +14% |
Looking Ahead to Q4
Market Predictions by Guest Contributor
Thank you Revel Real Estate Community for this opportunity to share and to gain your attention on what is a pivotal time in our history. With election time approaching and so much volatility in the market these days I have a lot of hope for the future of Real Estate in the great State of Montana. I plan to give you a brief synopsis and my “two cents” on what’s ahead, which is never promised to happen as events can shift in the market at any point in time for better or worse. So, let’s saddle up and see what’s ahead for the mortgage and real estate market ahead in Q4.
Though the mortgage rate market has volatility at times, one thing that always stands as a tried and true investment is real estate, aside from some anomalies that have happened in seasons past, over time home values have and continue to show resilience even with a volatile market with rates. Case-Shiller’s latest report showed the year over year, back in July, was 5% higher than the previous year. So, even with rates having fluctuated over these past few years, it is still never a bad time to get into real estate, to marry the home and date the mortgage. We might see a surge in 2025 with refinances and purchases as these talked about Fed Rate cuts continue, as experts are expecting. It is likely to make sense to connect with your Real Estate Advisor with Revel Real Estate today, to talk about your future purchases and investments sooner than later. If rates go down more, we’ll see more people in the market, more multiple offers, and, very likely, rising prices.
Chris Nash with Mountain Lake Mortgage Corporation
Loan Officer NMLS# 2346452
Certified Mortgage Advisor™
