Fast Sales, High Prices: Inside Montana’s Wild Housing Market

If you’re shopping for a home in Montana right now, you’re probably feeling the heat, and not just from the small patch of Spring weather we have had. Montana had one of the fastest-moving real estate markets in the nation in recent reports. Homes are being snapped up soon after they are offered for sale, leaving buyers scrambling.

So, what’s fueling this wild ride in real estate? And how can you actually land a home in this competitive market? Let’s break it down.

Homes Are Selling FAST

So what’s one of the biggest factors at play? Low inventory. In short, there simply aren’t enough homes to go around. Only about 15.6 percent of homes in Montana languish on the market for longer than 30 days, meaning buyers don’t have much time to sit back and ponder their options. And if you happen to spot a house you like? You’d better be prepared to act.

Why Is Everyone Moving Here?

Montana has always been a dream destination for nature enthusiasts. But now, due to remote work and new priorities around the lifestyle they want to have, even more people are converging on the state known as the Treasure State. With its wide-open spaces, slower pace of life, and boundless outdoor adventures, Montana is a natural draw for people who want to escape the chaos of the big city.

Read More: Here's the Good News for Missoula Home Buyers

Unfortunately, that means increasing home prices, too. With a median home price in Montana of around $495,000, it is also more challenging for first-time buyers to get a foothold.

Advice for Buying a Home in Montana’s Competitive Market

Here are a few tips to improve your odds and up your game when it comes to securing a home:

• Get Pre-Approved

Getting a mortgage pre-approval is more than just going through the motions — it signals to sellers that you mean business and have the financial wherewithal to buy. That can give you an advantage in a multiple-offer market.

• Act Fast, But Stay Smart

Gone are the days of sleeping on a decision. If you find a home that ticks your boxes, be prepared to make an offer ASAP. But don’t let a sense of urgency force you into a deal you’re not comfortable with.

• Work With a Local Realtor

Montana’s market is unique, and working with a realtor who knows the local ins and outs can go a long way. They’ll also help to guide you through bidding wars, negotiate nicely, and possibly even uncover some gems before they see the light of day.

• Be Flexible

You may not be able to check all the boxes on your wish list in a competitive market. Rank what’s most important (location, price, size), and be willing to compromise on the less important particulars.

Coming from someone currently in the market to buy/sell a home, I can tell you that it is tough. You have to be ready to pounce on an opportunity. But don't just settle for the first house you see. More and more homes should start hitting the market as the weather continues to warm. Trust your gut.