PUREWEST'S EXCLUSIVE MID-YEAR MARKET REPORT IS IN!

See the insights and takeaways from the first six months of 2024

It's that time of year again! PureWest is proud to release our mid-year Regional Market Trend Reports. 

We're eager to share the latest comprehensive data-based research on residential and land sales in Montana. Based on the first six months of 2024 compared to the prior four years, these reports depict current conditions broken down by county and city. Plus, we've released a new version for North Idaho should that area pique your interest! We analyze historical data on sales volume, residential units sold, average and median sales prices, gross sales volume, price-point breakdowns of closed residential transactions, and more!  

2024 has been a relatively moderate year in Montana real estate. Despite challenges like higher mortgage rates and economic uncertainty, the numbers generally are very similar to 2023 - holding steady in many instances, including units sold, median sales prices, and overall volume. After several years of volatility, this cooler, less frenzied environment created more balanced opportunities for buyers and sellers.

While you read these reports, some trends may stand out. However, we want to remind you that the nuances of individual markets defy a one-size-fits-all approach, as each market is unique. Here at PureWest, we know that "All real estate is local," and having a professional who understands local dynamics is invaluable. We want to leverage our boots-on-the-ground expertise to help you make informed decisions.

There is much to anticipate as we move into the fall. The U.S. is on track for a rate cut in September, with inflation reported at 2.9% in July — the lowest since 2021. The Federal Reserve is carefully navigating the economic landscape, aiming to lower inflation to 2% without overly tightening the labor market. Despite a slight increase in unemployment to just over 4%, there's no indication of significant layoffs. Dr. Marci Rossell, Chief Economist for Leading Real Estate Companies of the World®, expects another rate cut after the November election, with mortgage rates potentially stabilizing around 5.5%. However, they won't return to 3.5-4% lows.

At PureWest, we are optimistic about the fall selling season and the remainder of the year, but with possible lower rates will come increased competition, so if you're considering buying, you may want to get ahead of that shift. Our state's unique charm and outdoor lifestyle continue to make it a desirable location for many; if selling is on your mind or you'd like to discuss the information in the market report, let's talk about your options!