Home Values Rising in Montana Amid Coronavirus Crisis
See how the housing market is doing in the Treasure State during COVID-19.
Current home values in Montana
Home values have been rising throughout Montana and are up 20.1% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $660,608, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Montana: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $660,608 home at 3.33% would give a typical Montana homebuyer a monthly payment of $2,323, assuming a 20% down payment.
How the Montana housing market stacks up
Montana families can explore the mountains and then go back into a city
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Montana, they're predicted to rise 5.5%.
Homes right now are going on the market in Montana at a median price of $176 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Montana home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $287,634 |
| 2019 | $239,438 |
| 2018 | $228,167 |
| 2017 | $211,542 |
| 2016 | $204,958 |
| 2015 | $195,825 |
| 2014 | $191,442 |
| 2013 | $187,133 |
| 2012 | $180,817 |
| 2011 | $179,108 |
| 2010 | $182,900 |
| 2009 | $182,775 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Montana is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $439,991 |
| 2019 | $467,500 |
| 2018 | $442,500 |
| 2017 | $412,500 |
| 2016 | $400,000 |
| 2015 | $382,500 |
| 2014 | $372,500 |
| 2013 | $362,500 |
| 2012 | $347,500 |
| 2011 | $342,500 |
| 2010 | $355,000 |
| 2009 | $352,500 |
*2020 price average through March 31, 2020.
