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

Family outside in front of mountains
Brocreative / Shutterstock
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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."