Montana Housing Market: September 2024 Analysis
The Montana housing market in September 2024 presents a complex landscape characterized by rising prices and shifting sales dynamics. The Median Sales Price for homes in the state has increased to $544,400, marking a 4.3% rise year-over-year (YoY). This upward trend in sales prices is mirrored by the Median List Price, which stands at $561,100, reflecting a more modest YoY increase of 1.5%.
Price Per Square Foot has also seen a notable rise, with the median Price Per Square Foot reaching $282, up by 4.2% YoY. The Median List Price per square foot has experienced an even more significant increase of 7.2% YoY, now at $293. These figures suggest a strong demand for housing, despite other indicators showing a cooling market.
Sales activity, however, tells a different story. The number of Homes Sold in September was 968, representing a decline of 9.2% YoY. Pending Sales have decreased even more sharply, down by 22.8% YoY to 1,207. This decline in sales activity is juxtaposed with an increase in New Listings, which have risen by 8.6% YoY to 1,280, and a substantial increase in inventory, up by 28.4% YoY to 5,653 homes.
The Months of Supply, a critical indicator of market balance, has surged by 170% YoY to 5.8 months. This increase suggests a shift towards a more balanced market, or even a buyer's market, as supply begins to outpace demand. The Median Days on Market have also increased by 12% YoY, now averaging 77 days, indicating that homes are taking longer to sell.
Despite these shifts, the average sale to list ratio remains unchanged at 0.0%, as does the sold above list ratio, suggesting that homes are generally selling at or below their listed prices. Price Drops have slightly decreased by 0.5% YoY, with 25% of listings experiencing price reductions. Additionally, the percentage of homes going off the market within two weeks has increased by 5.1% YoY to 27.7%, indicating that while some homes are lingering, others are still moving quickly.
Overall, the Montana housing market in September 2024 is characterized by rising prices and increased inventory, alongside declining sales and longer market times. These trends suggest a market in transition, with potential opportunities for buyers as supply increases and homes take longer to sell.
