Over 5 Years Montana Home Prices Rose Highest In America

Montana Housing Prices Are Out Of Control

I'm sure plenty of you out there read the title of this article and immediately said, "Well, duh."

I don't think there is a single resident of Montana who is not well aware of the housing market getting out of control under the Big Sky, but I don't think any of us realized just how out of control we are.

Why Did Housing Skyrocket In Montana?

Axios recently published an article detailing how the pandemic changed the housing market all across America.

There were 5 reasons they gave for the transformation, and all 5 are the direct cause of Montana's housing crisis.

They are as follows:

1. Home prices skyrocketed — cheap borrowing and remote work led to a frenzy of home buying early in the pandemic.
2. Rates surged, buyers stalled — After hitting historic lows in 2021, rates went sky-high, which made prospective buyers nervous.
3. Inventory dried up — Those that bought early now no longer want to sell, thus limiting supply.
4. Builders ramped up, then pulled back — Early on, buyers were snatching up new homes; now, thanks to high interest rates and construction costs, new homes have slowed down.
5. Cash-rich people jumped in — With money to burn, they offered thousands more over asking, which drove up the cost of other homes.

So just how high did Montana's housing costs rise over the 5 years since the start of the pandemic? Whatever number you're think is probably too low, to be honest.

Montana's Change In Median Housing Price Was #1 In America

From January 2020 until January 2025, Montana's median home price increased a mind-blowing 81.2%, giving us the highest growth in America.

So how do regular Montanans afford to buy a house in this market? I suggest building a time machine and going back to 2019.

Seriously, I have no answers, and when you see what towns in Montana saw the biggest increase in cost over just the last year alone, the future doesn't look good for potential buyers.