![]() It may be a good time to sell now before this happens. Mortgage Interest Rates Predicted to Rise: Mortgage rates are relatively high at 6.79%, and may continue to rise.However, sellers can benefit from selling a house in Montana now, if: Median home prices were down by 3.1% YoY in April 2023. Home prices are rising steadily as the market warms up. Only 10% of homeowners believe that now is a good time to sell a home. » How to Buy a House in Montana with Bad Credit: Check out how you can buy a home with credit scores of 500 or lower. Strict Lending Standards: Lenders have high standards for borrowers today, which require most homebuyers to maintain a high credit score for buying homes.Low Foreclosure Rate: A majority of homeowners own significant equity in their homes.Relatively Low Inventory: As per April 2023 data, we have only 2.0 months’ supply available.However, applications during the week ending April 7 increased 8% from a week earlier, seasonally adjusted.Ĭompared to Other States, Montana Still Won’t Fall as Much: Montana has distinct advantages. Buyers Are Entering the Market, Albeit Slowly: Most buyers are still reluctant to enter the market, as mortgage purchase applications were down by 31% YoY.Stabilizing Mortgage Rates: Mortgage rates falling from record highs of 7.08% have helped buyers enter the housing market.Banking Turmoil & Fed’s Decision: Recent decision by Fed to skip the interest rate hikes has helped bring down the mortgage rates over the past 3 weeks.The Fed will play an important role in the housing market’s future, as it tries to lower inflation by increasing mortgage rates. Several economists believe the housing market will slow down in 2023, but not crash. This entry was posted in Expert Insights, Market Updates. Contact Western Ranch Brokers for more information and to learn how we can go to work for you.Ĭontact us to find out more about the Western Ranch Brokers team and how we can go to work for you. If you’re considering buying or selling a ranch in this competitive market, Western Ranch Brokers has the experience and market knowledge to help you successfully navigate any transaction. We expect to see an increase in these types of transactions throughout the year. With seemingly unwavering demand, purchasing a property off-market offers buyers a considerable advantage. The lack of available inventory has created a highly competitive market for quality property in Montana-if buyers have a close relationship with a ranch broker, they may have the opportunity to get access to listings that haven’t hit the market yet or that will be sold privately. While not discussed in the presentation, one emerging trend noted by Western Ranch Brokers is the increase in off-market transactions. All good news for landowners and investors, but potentially challenging for buyers trying to enter the market in Montana or current landowners who are looking to expand their acreage. Using the first few months of 2023 as an indicator of what lies in the year ahead, it’s likely that inventory levels will remain low throughout the year-despite the increase in land values and the attractive sale prices for those who do list. In short, there are fewer properties hitting the market, but the Montana land that has been listed in 2023 is selling more quickly and has been marketed at premium pricing. Year to date data from Montana Land Source reflects similar trends, showing significantly fewer sales compared to 2022, but a slight increase in the median sales price per acre and fewer days on the market for listings. View the latest Montana land sales statistics updated daily at Montana Land Source. Sales volume of Montana land (40+ acres) in 2021 was $2.18B across 785 transactions, and in 2022 total sales volume was $952M over 381 transactions. Sale volume for Montana properties (40+ acres) has increased over the last 3 years, and in 2022 increased 16.42% from 2021, with a median sales price of $959,000 and average acreage of 1,120 acres. In demand areas such as Gallatin County and Flathead County had a large influence in the increase in per acre prices. 51% of sales data came from Western Montana, 26% from Eastern Montana and 23% from North Central Montana.Ģ0 transaction size versus sales dollar volume shows more than 50% of sales dollar volume came from transactions greater than $10M, but represented only 6% of transactions, while the majority of transactions (74%) were for land valued at less than $2.5M, but only contributed to 18% of sales dollar volume.Īverage and median per acre prices (for unimproved land) have remained fairly constant from 2020 – 2022 with an average per acre price of $4,000+ and a median per acre price of approximately $2,000, both values notably higher from the two previous years (2018-2019).
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