The median sales price for a home in Missoula has hit an all-time high of $430,000. This, according to a new mid-year housing report released this week by the Missoula Organization of Realtors. A tight market and strong demand are driving home prices up.
The Missoula Organization of Realtors’ latest report says the median home price has increased 23% over this time last year.
MOR’s Brint Wahlberg says the update includes sales and housing supply data from the first half of 2021.
“The other big story we’re tracking here as well is the extreme crunch of availability of the supply of listings, which is down almost 70%,” Wahlberg says.
The MOR report says the limited housing supply has resulted in bidding wars pushing average sales prices to over 104% of the average list price.
According to Wahlberg, the National Association of Realtors says mortgage applications nationally are decreasing.
Looking ahead, he tells MTPR that Missoula’s sky-high sellers market might start to stabilize by year’s end.