Two Montana Cities See Biggest Home Price Drops In America

What Two Montana Cities Have Seen Home Prices Decrease?

There has been a lot of talk over the past couple of years about the cost of housing in Montana.

For a moment, Montana was one of the hottest housing markets in America, but perhaps that moment has passed.

READ NEXT: New Survey Shows Montanans Skipping Meals To Afford Housing

Is The Housing Market Cooling Off In Montana?

During the pandemic, Montana was one of the fastest-growing states, as we saw a huge influx of people moving here and snatching up houses.

Many residents were rightfully concerned when houses were selling for far above asking prices, as they knew it would soon affect their property taxes.

Today, however, two cities in Montana have seen the price of houses drop dramatically, and these are some of the of the fastest-falling prices in America.

READ MORE: Montana House Is One Of The Most Expensive In America

The website 24/7 Wall Street used data from Realtor.com to find the cities where home prices saw at least a 7% drop in the median list price from May 2023 to May 2024.

Coming in at #21 is Billings, Montana:

• Year-over-year change in median list price: -7.8% (-$42,550)
• Median list price in May 2024: $503,675 ($223 per square foot)
• Size of a typical listed home in May 2024: 2,309 square feet
• Number of listed homes in May 2024: 842 (+12.9% YoY)

Missoula, Montana ranked as the #7 city for decrease in home prices:

• Year-over-year change in median list price: -9.3% (-$74,475)
• Median list price in May 2024: $725,000 ($381 per square foot)
• Size of a typical listed home in May 2024: 2,066 square feet
• Number of listed homes in May 2024: 444 (+4.7% YoY)

While the media list price is still high, this is good news for those looking to buy a home in either of these cities.