PureWest: A Lifestyle & Real Estate Blog

THE 2023 MARKET TRENDS REPORT IS HERE Main Photo

THE 2023 MARKET TRENDS REPORT IS HERE


The 2023 market overview reports paint a clear picture of the current conditions, based on a recap of 2023 compared to the prior four years, broken down by each county and city in Montana that PureWest serves.
Posted: February 26, 2024 by Erin Duval

It’s that time of year again! PureWest is proud to release our annual Market Trends Regional Reports

We're excited to share our latest comprehensive data-based research on residential and land sales in Montana. The 2023 market overview reports paint a clear picture of the current conditions, based on a recap of 2023 compared to the prior four years, broken down by each county and city in Montana that PureWest serves. We analyze historical data on sales volume, residential units sold, average and median sales prices, gross sales volume, price-point breakdowns of closed residential transactions, and much more! 

2023 was a unique year in Montana real estate. Total sales volume across the state was lower than the previous year but exceeded pre-pandemic levels in all four regions. Our analysts expect to see a gradual increase in home sales this year as market momentum begins to shift. 

Residential sales prices either moderated or inched upward over the last year across all regions in the state due in part to continued low inventory. Land prices, however, split, with land in the Missoula and Billings areas surging in average sales price while declining in the Northwest and varying in the Southwest.

Generally, the number of residential units sold last year was at a 5-year low. It's important to note that interest rates have likely passed their peak, and with this easing, we expect to see more homebuyers entering the market in 2024.

While you read these reports, some valuable insights and trends may pop out. However, we want to remind you that the nuances of individual markets defy a one-size-fits-all approach, as each market is unique. Here at PureWest, we know that "All real estate is local," and having a local professional who understands local dynamics is invaluable to buyers and sellers. Your PureWest agents want to leverage their boots-on-the-ground expertise to help you make informed decisions within the intricate real estate landscape. 

Here at PureWest, we are optimistic about the spring selling season, which is rapidly approaching. Whether a buyer or a seller, we recommend beating the competition and reaching out today about your upcoming moves. We're here to serve as your Big Sky ambassadors and look forward to assisting you in your next real estate endeavor.

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