What Experts Predict for Montana Home Prices
Home prices in Montana have skyrocketed since 2019, and it's no wonder, because according to a national relocation tech company called moveBuddha in 2020 and 2021, Montana was the #1 state for new residents. This year we're still the #4 state for inflow, and people moving to Montana has been twice as likely as people moving out. Though interest rates are the highest they've been since mid-2008, that has yet to have an impact on Montana home prices. According to the real-estate company Windermere's Q2 2022 report, the median list price rose in every Montana county compared to Q1, except for Gallatin. As of 10/19/2022, Windermere has yet to release their report for Q3.
This article from Fortune shows that home prices are falling in many states, and now experts are saying that home prices in Montana are likely to head in that direction as well. Wells Fargo's report from October 5th says that home sales in the mountain west have "slowed notably" and that home prices in the entire region are "vulnerable" to a shift downward.
In another article from Fortune, the financial service company CoreLogic gave predictions for whether or not housing markets would fall from August of 2022 to August of 2023 in particular counties, including Missoula, Great Falls and Billings. Core logic said the chances home prices would fall over the coming year for each of those counties were high, between 50% and 70%.
The governor signed an executive order to form a housing task force back in July— hopefully, that will help with our housing crisis.
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