Montana Public Radio

real estate

Missoula County Mulit-family Apartment Unit Costs 2020
SterlingCRE Advisors

A commercial real estate firm in Missoula has released a new analysis saying population, income and rent prices all rose in the county in 2020. Analysts say that it will take time for the housing market to catch up.

House key in a doorknob.
Shutterstock

MISSOULA, Mont. (AP) — Professionals working in Montana's real estate market say sales of high-end properties have experienced growth in 2020 far beyond their expectations.

The state has recorded sale and price figures that are among the highest in the nation, The Missoulian reports.

House for sale.
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Missoula’s residential real estate market remains red-hot with home sales up more than 20% from last year. A mid-year report released by local realtors Friday shows historic lows in available housing.

House for sale.
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Missoula’s housing market continues its red-hot streak in the latest local housing report.

The median price of a Missoula home reached a record high last year of $290,000. That’s an 8-percent jump over 2017 and one of the findings of this year’s Missoula Housing Report, released Thursday by the Missoula Organization of Realtors.

Missoula's housing market is warming up just a bit.

In the words of Missoula Organization of Realtors President, Brint Wahlberg, it's slowly but steadily improving.

The number of homes sold the first six months of this year stands at 454, compared to 557 during the first half of last year. The median "sold price" rose to $220,500 from $214,000 during the same period in 2013.

Wahlberg explains to Edward O'Brien the three main factors behind the lagging sales. The first one is interest rates :