![]() ![]() Nevertheless, the low levels of inventory may pose a challenge to the market's growth. However, pending sales rose by 14.1% quarter over quarter, suggesting the possibility of higher closings in the second quarter. While Jefferson County experienced a rise in sales compared to the final quarter of last year, other market areas witnessed a decline. These trends indicate that the market has become tighter, with limited inventory. Listing activity, on the other hand, increased by 66% compared to the same period in 2022, but saw a slight decrease of 3.5% from the fourth quarter of 2022. Additionally, sales activity fell by 23.4% in comparison to the previous quarter. The first quarter of 2023 saw a 29.6% decline in home sales compared to the same period in 2022. Among the metro areas covered in this report, Billings boasted the lowest jobless rate at 2.2%, while Missoula and Great Falls had rates of 2.4% each. The state unemployment rate in February decreased to 2.4%, down from 2.5% in the first quarter of 2022. Most regions showed a similar change in trajectory, except Billings, which witnessed a loss of 400 jobs in the past 12 months. After a slowdown in employment gains in the fourth quarter of 2022, the state seems to have regained momentum. Montana experienced a solid growth rate of 2.5% in terms of job additions, with 12,600 jobs added year over year. With the aim of assisting individuals in making better-informed real estate decisions, this analysis covers various aspects such as economic overview, home sales, home prices, mortgage rates, and days on the market, and concludes with expert predictions for the future. The Montana housing market, like many others across the country, has been grappling with the impact of the pandemic on the economy, employment rates, and home prices. Matthew Gardner, the chief economist at Windermere Real Estate, provides the following study of the real estate markets in a few counties in Montana for the first quarter of 2023. Nevertheless, each city and town has its local real estate trends. Despite the high listing prices, demand in the state remains robust, resulting in rapid property sales. No metro area in Montana is forecasted to see a decline in home values over the next twelve months. Montana is a seller's market. That’s a 3.3% increase year-over-year (YoY), and Zillow predicts the market will continue to rise over the next twelve months. In April 2023, the typical home in the state of Montana was valued at $440,339. The Montana housing market remains strong in 2023, thanks to a combination of high demand, limited supply, and continuously rising house prices.
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