Montana housing market cools in 2024

Montana economic seminar addresses housing shortage

Montana’s housing market in 2024 represents cooler economic conditions.

High interest rates chilled the pace of transactions by reducing both supply and demand for homes, according to the Montana Bureau of Business and Economic Research. Despite the cooling, Montana continues to be ranked at or near the bottom for affordability for buying homes, the BBER said.

In response to high prices, demand in Montana has begun to shift across different parts of the state. Traditionally the "hottest" markets, such as the areas surrounding Bozeman, Kalispell, Whitefish, and Missoula, are seeing a cooling in demand as buyers increasingly turn to lower-cost markets, including Great Falls, Billings, and Helena.

The graph above highlights the shift, showing the ratio of unique views per property on Realtor.com in various Montana communities compared to the national average. A ratio of 1 indicates that a property in the respective market receives as much attention as the typical U.S. property. While Gallatin and Flathead counties — long the hottest corners of the state — now attract attention more in line with the rest of the country, areas like Great Falls, Billings, and Helena are drawing between 0.75 and 1 additional views per property compared to the U.S. average. 

This trend suggests a reshuffling of desirability, as affordability constraints and the higher relative prices in high-amenity markets drive buyers toward more affordable parts of the state, according to the BBER.

You can learn more about Montana's housing industry as well as the state's overall economic performance and the forecast for this year and beyond at the BBER seminars.

Helena

Tuesday, January 28, 2025

Helena Great Northern Hotel

835 Great Northern Blvd.

Great Falls

Wednesday, January 29, 2025

Hilton Garden Inn

2520 14th Street Southwest

Missoula

Friday, January 31, 2025

Hilton Garden Inn

3720 N. Reserve St.

Billings

Tuesday, February 4, 2025

Big Horn Resort

1801 Majestic Lane

Bozeman

Wednesday, February 5, 2025

The Commons

1794 Baxter Lane

Butte

Thursday, February 6, 2025

NorthWestern General Office

11 East Park Street

Kalispell

Tuesday, February 11, 2025

Wachholz College Center

Flathead Valley Community College

795 Grandview Drive

Sidney

Tuesday, March 11, 2025

MSU Richland County Extension

1499 North Central

Miles City

Wednesday, March 12, 2025

Sleep Inn and Suites

1006 S. Haynes Ave.