Billings, Montana's largest city, offers a dynamic real estate market catering to various lifestyles and budgets. Whether you're a young professional seeking a starter home, a growing family looking for more space, or a retiree drawn to the beauty of Montana, Billings presents exciting opportunities.
The local real estate market has been a hot topic among homebuyers and sellers alike, with its dynamic landscape and promising opportunities. As we delve into the trends and forecast for 2024, it's evident that Billings continues to offer a robust and thriving market for real estate enthusiasts.
Let's explore the current state of Billings real estate and what the future may hold for buyers and sellers in this vibrant city.
Current market conditions
The Billings real estate market is currently experiencing a steady growth trajectory fueled by a strong economy, the prospect of reduced interest rates, and an influx of new residents. Home prices have seen consistent appreciation over the past few years, making it an attractive investment opportunity for buyers and sellers. With a diverse inventory of properties ranging from single-family homes to condominiums and ranches, Billings offers something for every type of homeowner.
Latest market statistics
As of March 2024, the median sales price in Billings was $355,000, which is a little lower than the median sales price at this time last year. Market activity picked up in March — 169 sales were close. On average, these homes spent about 11 days on the market before closing.
Crucially, March 2024 saw 260 new listings enter an already-full housing market. Active inventory now stands at 526 homes. With such a surfeit of supply, it’s fair to say buyers have an advantage in the Billings housing market heading into the busier spring and summer seasons.
Rising demand
One of the key drivers of the Billings MT real estate market is the rising demand for housing in the area. As more people relocate to Billings in search of job opportunities, quality of life, and outdoor recreation, the demand for housing continues to outpace supply. In the past year, this has led to competitive bidding wars and a sense of urgency among buyers, especially in any of the sought-after Billings neighborhoods. Still, the aforementioned glut in inventory should offset the general pitch of demand for Billings real estate.
Shifts in housing preferences
The Billings real estate market has also seen shifts in housing preferences, with an increasing demand for larger homes, outdoor spaces, and amenities. The COVID-19 pandemic has prompted many buyers to prioritize home offices, outdoor living areas, and proximity to parks and recreational areas. As remote work continues to gain popularity, buyers seek homes that offer comfort and functionality for their evolving lifestyle needs.
Forecast for 2024
Looking ahead to 2024, experts predict that the Billings MT real estate market will continue to experience growth and stability. With a strong economy, favorable interest rates, and a growing population, Billings is well-positioned to sustain its momentum in the years to come. However, factors such as affordability challenges and supply constraints may present hurdles for both buyers and sellers.
Affordability of luxury homes
Per MLS, among publicly listed properties, the top 10% of single-family homes in Billings were listed at $900,000 and above. Most of these houses represent excellent deals in terms of size and amenities — you can find relatively new homes with anywhere from 4,000 to 8,000 square feet in the $1 million to $2 million price bracket. Prospects are good if you’re in the market for a luxury home in Billings.
Economic outlook
The economic outlook for Billings is positive, with steady job growth, a diverse economy, and a favorable business climate driving economic prosperity. As one of Montana's largest cities, Billings serves as a regional hub for commerce, healthcare, education, and outdoor recreation, attracting residents from across the state and beyond. This economic vibrancy bodes well for the real estate market and underscores the city's appeal as a desirable place to live and invest.
Investment opportunities
There are plenty of opportunities for investors looking to capitalize on Billings real estate. From fix-and-flip properties to rental investments and commercial real estate ventures, Billings offers diverse investment options to suit various investment goals and strategies. With careful research and due diligence, investors can identify properties with strong potential for appreciation and rental income in this dynamic market.
Intrigued by the prospect of Billings real estate?
The Billings MT real estate market continues to be a beacon of opportunity for homebuyers, sellers, and investors alike. With its strong economy, rising demand, and diverse housing stock, Billings offers something for everyone searching for their dream home or investment property. As we look ahead to 2024 and beyond, the future looks bright for Billings, with continued growth, stability, and prosperity on the horizon.
Take your burning questions to local expert Lanissa Fortner
Ready to explore the opportunities in the Billings real estate market? Reach out to Lanissa Fortner for expert guidance and assistance with all your real estate needs. With her extensive knowledge of the Billings market and dedication to client satisfaction, Lanissa Fortner can help you navigate the complexities of buying or selling a home in this dynamic city.
Contact Lanissa Fortner today to start your journey to real estate success in Billings, Mont.
*Header photo courtesy of Visit Montana
