Montana Housing Market Analysis - August 2024
The Montana housing market in August 2024 presents a nuanced picture with various indicators showing both stability and shifts. The Median Sales Price for homes in Montana stands at $519,900, reflecting a slight year-over-year (YoY) increase of 0.2%. This modest rise suggests a relatively stable market in terms of sales prices.
Conversely, the Median List Price has decreased by 2.5% YoY, now at $555,600. This decline indicates that sellers may be adjusting their expectations in response to market conditions. The median Price Per Square Foot has seen a minor increase of 0.5% YoY, reaching $285, while the Median List Price per square foot has risen by 3.1% YoY to $290. These figures suggest a slight upward trend in property valuations on a per-square-foot basis.
In terms of market activity, the number of Homes Sold has decreased by 3.0% YoY, totaling 1,177 units. Pending Sales have experienced a significant drop of 24.8% YoY, with 1,361 transactions currently in the pipeline. New Listings have remained relatively stable with a marginal increase of 0.1% YoY, amounting to 1,489 new properties on the market.
Inventory levels have surged by 29.9% YoY, now standing at 5,777 homes. This increase in inventory, coupled with a substantial rise in the Months of Supply, which has doubled to 4.9 months (a 120.0% YoY increase), suggests a shift towards a buyer's market. Homes are also staying on the market longer, with the Median Days on Market increasing by 9.0% YoY to 65 days.
The average sale to list ratio remains unchanged at 0.0%, indicating that homes are generally selling at their listed prices. Similarly, the sold above list ratio is also at 0.0%, showing no significant trend of homes selling above their asking prices. Price Drops have seen a slight increase of 0.1% YoY, now at 27.1%, while the percentage of homes going off the market within two weeks has risen by 0.2% YoY to 28.7%.
Overall, the Montana housing market in August 2024 exhibits a mix of stability in sales prices and increased inventory, with a notable shift towards longer market times and a higher supply of homes. These trends suggest that buyers may have more options and negotiating power in the current market environment.
