Here in Missoula, housing prices are on a lot of the minds of a lot of people. More than ever, it’s important to have a solid resource to turn to so that you can make informed decisions.
Take the time to read the 2016 Missoula Housing Report. You’ll be glad you did.
In the meantime, here are some highlights from 2015 data:
- The supply of affordable real estate is tight, causing more buyers to build. Residential lot sales increased by 32 percent and their median price rose by 7.6 percent to $85,000.
- Rental vacancy rose slightly from 3.9 percent in 2014 to 4.1 percent in 2015, but remain below the national average.
- Additionally, nearly half of Missoula renters spent 30-plus percent of their income on housing costs, a percentage high enough for concern.
- The median home price in the Missoula area climbed to a record high in 2015 – $238,700.
- Foreclosures in Missoula declined by 16 percent in 2015, marking the lowest level in 10 years. Why? Stringent lending guidelines and economic recovery are factors nationwide. Locally, excellent education and advising resources like Homeword are a factor.
- The bottom line: The Missoula market has experienced an impressive recovery in the years since the bursting of the housing bubble and the dramatic economic decline of 2008 and 2009. However, with this new market strength come challenges including affordability and supply.