What Two Montana Cities Have Seen Home Prices Decrease?

There has been a lot of talk over the past couple of years about the cost of housing in Montana.

For a moment, Montana was one of the hottest housing markets in America, but perhaps that moment has passed.

READ NEXT: New Survey Shows Montanans Skipping Meals To Afford Housing

A highway sign that read "home prices" with an arrowing pointing down to represent the cost dropping

Is The Housing Market Cooling Off In Montana?

During the pandemic, Montana was one of the fastest-growing states, as we saw a huge influx of people moving here and snatching up houses.

Many residents were rightfully concerned when houses were selling for far above asking prices, as they knew it would soon affect their property taxes.

Today, however, two cities in Montana have seen the price of houses drop dramatically, and these are some of the of the fastest-falling prices in America.

READ MORE: Montana House Is One Of The Most Expensive In America

A mini house in a shopping cart with a line graph going down representing housing costs going down

The website 24/7 Wall Street used data from Realtor.com to find the cities where home prices saw at least a 7% drop in the median list price from May 2023 to May 2024.

Sunset over Billings Montana

Coming in at #21 is Billings, Montana:

  • Year-over-year change in median list price: -7.8% (-$42,550)
  • Median list price in May 2024: $503,675 ($223 per square foot)
  • Size of a typical listed home in May 2024: 2,309 square feet
  • Number of listed homes in May 2024: 842 (+12.9% YoY)
Missoula Montana on the banks of the Clark Fork River

Missoula, Montana ranked as the #7 city for decrease in home prices:

  • Year-over-year change in median list price: -9.3% (-$74,475)
  • Median list price in May 2024: $725,000 ($381 per square foot)
  • Size of a typical listed home in May 2024: 2,066 square feet
  • Number of listed homes in May 2024: 444 (+4.7% YoY)

While the media list price is still high, this is good news for those looking to buy a home in either of these cities.

Fast Housing: Countdown to the USA's Best State for Home Sales

AgentAdvice.com, a partner to the real estate community, recently crunched data from Zillow, to determine which states are the fastest and easiest markets to sell a home. (some states were excluded as not enough data was available). Let's countdown to the Nation's Fastest and Easiest State for Home Sales.

Gallery Credit: Scott Clow

LOOK: The Truth About The Housing Market In America

A recent article in Business Insider highlighted the perceived value of housing across America as being either overvalued or undervalued.

Gallery Credit: Nick Northern

KEEP READING: 10 States With The Largest Housing Vs. Wage Growth Gaps

MyElisting.com calculated the percentage difference over the 5-year period from 2018 to 2022. The resulting "Housing vs. Wages Growth Gap" was obtained by subtracting the percentage increase in wages from the percentage increase in housing prices. States were then ranked based on the magnitude of this gap.

Gallery Credit: Kyle Matthews

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