Montana’s Housing Market Shifts As Buyers Take The Lead

Remember when the real estate market was red hot in Montana and especially in Bozeman? Yeah, me too, but it seems things have slowed down a bit, in fact, it seems things have slowed down a lot.

I have a friend in the real estate business here in Bozeman and every time I see him, I ask when the prices are going to go down, to which he says "they have" to which I then clarify the question, ok, when are the prices going to go down so a regular person can buy a house in Bozeman?

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We've heard all the stories, a couple bought a house 10 years ago for 250 thousand dollars and now its worth a million...blah, blah, blah.

What's happening with the Montana real estate scene?

However, some new data putting a different spin on what is happening with the real estate market here in Montana, and it must shock you just a little bit. According to Best Interest, it seems things have slowed down a little in Bozeman and Montana, in fact, it would appear that things have slowed down a lot.

How much?

Well that data suggests that the average home stays on the market for 121 days, which ranks last in the United States. Yep, officially Montana is the slowest real estate market in the country. The data also suggests that it's a buyers market with 0 percent of homes selling above listing price and 14 percent of homes dropping in price.

With a median home price of just over 600 thousand, the market is still too rich for my blood, but one would think that the longer homes sit on the market, prices will continue to drop.