Oct 29, 20221 min read

Real Estate Market Update in Montana

The real estate market soared here in the Bitterroot Valley beginning with the pandemic in 2020 making our local market see unprecedented sales activity and spikes in price. This led to some crazy expectations from sellers, and an overall buyer frenzy which catapulted this market into an all time high.

Do I think the housing market went bonkers? Absolutely! You still won't find20 acres surrounded on 3 sides by National Forest with a river running through it for 250k. Ain't gonna happen. That being said, the real estate market is starting to normalize here. We're seeing longer days on market, more price reductions, and buyers having more negotiating power than they have in the last two years. The market is changing, that's for sure.

Do I love that #bitterrootvalley real estate became too expensive for many that live and work here? Absolutely not. That being said, buyers dictate demand and subsequently price. With the demand we've seen and the lack of inventory we experienced, the rise in home prices was to be expected. Now that we're seeing a normalization of the market, we can expect for prices to become more affordable.

Below is a document that shows how the real estate market performed in Ravalli County, MT as of September 2022.