Montana Real Estate: Hot Or Not?

If you are one of the thousands of Montanans hoping to become a homeowner here in The Treasure State, chances are you follow the Montana Real Estate market and are well aware of the high cost of housing.

The average single-family home in Montana is priced at just over 460 thousand dollars according to Zillow, which means that you would need to make well over the average salary to afford to purchase a home. 

Of course, this isn't just a Montana problem. Real Estate prices have skyrocketed across the country over the last few years, but a recent report says Montana is feeling the pinch more than most states.

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The folks over at Fox Business released a report talking about the high cost of housing and pointed out that certain states are being hit the hardest when it comes to overvalued home prices. According to the report, 5 states are seeing the biggest bump and Montana is one of them.

Which 5 states are suffering the most from overvalued home prices?

Fox Business reports that Alabama, Arkansas, Montana, South Carolina, and Tennessee are being hit the hardest. Out of those 5 states, Montana has the top median listing price with an average of almost 650 thousand dollars.

To put that in perspective, Tennessee has the second-highest median listing price with an average of just over 440 thousand.

So what does that all mean? Well, it means that unless you have a huge down payment OR you make well above the average income, you might not become a Montana homeowner anytime soon, especially in some of the fastest-growing areas in the state.

Is there any light at the end of the tunnel?

That depends on who you ask. Many experts claim that at some point the bubble will burst and the market will correct itself, while that might be true, other experts claim that while there might be a little bit of relief, it all comes down to supply and demand.

The truth is the demand is high for folks wanting to live in Montana, whether they're locals looking to buy a home, or transplants looking to relocate. Either way, it seems that the average person looking to buy a home in Montana is going to continue to wait.