Market Reports March 20, 2023

February 2023 Newsletter

Dear Missoula Residents,

The Missoula housing market has been a hot topic of discussion for quite some time, and it’s not difficult to see why. With record-low inventory and skyrocketing prices, finding a home in Missoula has become increasingly difficult. In this newsletter, we’ll take a closer look at the current state of the Missoula housing market and what it means for both buyers and sellers.

The State of the Missoula Housing Market

According to the Missoula Organization of Realtors, the median sales price for a home in Missoula as of February 2023 was $528,000, which is up nearly 10% from the same time last year. In addition, inventory levels have been hovering around historic lows, with just 149 homes on the market as of February 2023.

What This Means for Buyers

For buyers, the current state of the Missoula housing market can be frustrating. With so few homes on the market, it can be difficult to find a home that meets your needs and budget. Additionally, the high prices can make it challenging to afford a home in your desired neighborhood.

However, there are still opportunities for buyers in Missoula. Working with a knowledgeable Realtor® can help you identify properties that meet your needs and budget, even in a competitive market. Additionally, it’s important to be prepared to act quickly when you find a home that you’re interested in. With so many other buyers in the market, you’ll need to be ready to make an offer as soon as possible.

What This Means for Sellers

For sellers, the current state of the Missoula housing market is excellent news. With low inventory and high demand, it’s a great time to sell your home.However, it’s important to keep in mind that just because the market is hot doesn’t mean that your home will automatically sell for top dollar.

Working with an experienced Realtor® can help you price your home appropriately and make it stand out from the competition. Additionally, it’s important to be prepared for a quick sale, as many homes are selling within just a few days of being listed.

Final Thoughts

The Missoula housing market is in a state of flux, with high demand and low inventory driving up prices and creating a competitive market for buyers. However, with the right approach, both buyers and sellers can find success in this market. Working with a knowledgeable Realtor®t can be the key to navigating this challenging market and achieving your real estate goals.

Thank you for taking the time to read this newsletter. If you have any questions about the Missoula housing market, please don’t hesitate to reach out to me. I’ll be happy to help you navigate this exciting and challenging market.

Best regards,