Montana Housing Market Overview: November 2024
The Montana housing market in November 2024 presents a dynamic landscape characterized by rising prices and shifting sales dynamics. The Median Sales Price has reached $551,100, marking a 6.5% increase year-over-year (YoY). This upward trend is mirrored in the Median List Price, which has surged by 11.1% YoY to $574,200. The increase in prices is further reflected in the median Price Per Square Foot, which stands at $292, up by 7.2% YoY, while the Median List Price per square foot has risen by 12.7% YoY to $313.
Despite the rising prices, the number of Homes Sold has increased by 4.5% YoY, totaling 787 units. However, Pending Sales have decreased by 8.2% YoY, indicating a potential slowdown in future transactions. New Listings have seen a modest increase of 2.0% YoY, reaching 759, while inventory has expanded significantly by 28.2% YoY to 4,737 units. This increase in inventory has contributed to a substantial rise in the Months of Supply, which now stands at 6.0 months, a 110.0% increase YoY, suggesting a shift towards a more balanced market.
The Median Days on Market have increased by 6.0% YoY to 84 days, indicating that homes are taking slightly longer to sell. The average sale to list ratio has decreased marginally by 0.4% YoY to 102.0%, suggesting that while homes are still selling close to their list prices, the competitive edge may be softening. The sold above list ratio remains stable at 0.1%, with no significant change YoY.
Price Drops have decreased by 3.6% YoY to 16.1%, indicating that sellers may be adjusting their expectations in response to market conditions. Meanwhile, the percentage of homes going off the market in two weeks has increased by 3.0% YoY to 22.7%, suggesting that some properties are still attracting quick interest despite the overall longer time on the market.
Overall, the Montana housing market in November 2024 is characterized by rising prices and increased inventory, with a notable shift towards a more balanced market as indicated by the increased Months of Supply. While sales activity remains robust, the decrease in Pending Sales and longer days on market suggest a potential cooling in the pace of transactions. Buyers and sellers alike should be mindful of these evolving dynamics as they navigate the market.
