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Montana’s housing market experiences a summer cooldown

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Montana’s housing market experiences a summer cooldown


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Warmer summer weather has brought cooler housing market conditions to Montana.

“The market right now just feels like it’s a bit lukewarm,” said Brian Huskey, a Billings, Montana-based ERA American Real Estate agent. “There is still moderated demand from buyers, but there are a lot of people just sitting on the sidelines right now because housing affordability and rates are playing a big role in people’s decisions.”

In Billings, the 90-day average Altos Research Market Action Index score as of July 19, 2024, was 38.77, down slightly from the 44.48 a year prior and the 51.72 recorded in July 2022. At the height of the pandemic market in June 2021, however, the Billings metro area reported a Market Action Index score of 75.42. Altos considers anything above a Market Action Index score of 30 to be a seller’s market.

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While the market has cooled since then, Billings’ drop in Market Action Index score is fairly moderate compared to other pandemic housing hotspots like Austin, Texas, whose score has dropped from a max of 100 in June 2021 to 33 as of mid-July 2024.

Huskey attributes the relative stability of Billings’ housing market to the fact that it is more of a working class community with a stable job market.

“We’ve got a lot of stable jobs at the big refineries and in the medical field, and with that comes stability for the housing market,” Huskey said. “We don’t see the same size of market swings as they do out in the more luxury second home markets like Bozeman.”

Charlotte Durham, the leader of the Bozeman-based, Sotheby’s International Realty-brokered Charlotte Durham Team, wouldn’t necessarily say that her local housing market has experienced a massive swing, but she said it’s certainly cooled down.

“This was the slowest June we’ve seen in many years in our market,” Durham, a luxury-focused agent, said. “We saw things pick up a little after the Fourth of July, but it is still slower than we’ve seen in our market since probably pre-COVID.”

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Overall, the Bozeman housing market’s Market Action Index score has dropped from a 90-day average of 32.38 in mid-July 2024 from 66.88 in early June 2021. In the upper quarter of the market, which Altos defines as homes priced between $1.38 million and $2.835 million, it has dropped to 37.93 from a high of 72.75 in Dec. 2021. For properties priced around $2.835 million, the Market Action Index score has dropped to 29.74 from 44.75 in Dec. 2021

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This slowdown has been a boon for buyers who are still in the market.

“Especially in the $2 million to $5 million range, there is quite a bit of inventory now sitting on the market and it is great property,” Durham said. “So, I think we are going to have to see prices come down a little, especially in that price range.”

Compared to a year ago, the 90-day average median list price is down $300,000 to $1.2 million, according to Altos data. In the top segment of the market, which is anything above $2.835 million, list prices have fallen in recent weeks, dropping from $3.6 million in mid-April to $2.9 million in mid-July.

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Agents say the lower list prices have been a hard bill for sellers to swallow.

“The market is definitely better than it was the summer of 2022, but it is still similar to the summer of 2022,” Austin Baumgartner, who leads the Keller Williams Northwest Montana-brokered team Hidden Homes Montana, said. “Prices had been going up and up and now they are starting to come back down. We are seeing more price reductions in the market, but some folks are freaking out a little and if a property is sitting for 90 days instead of 45 days like most were, they cut the price to get ahead of other properties.”

However, Baumgartner said the uptick in days on market doesn’t really bother him.

“It is a more normalized market,” he said. “Inventory is rising a little bit, it isn’t as high as in 2019, but it’s better than it has been and it’s still slightly a seller’s market, so we are just moving to a levelized market.”

Statewide, Altos data supports Baumgartner’s assertions. The 90-day Market Action Index score was at 33.66 in mid-July, a very slight seller’s market and 90-day average for active single-family listings has risen to 3,258 listings, its highest level since mid-March 2020 at the onset of the COVID-19 pandemic.

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But while the uptick in inventory is good news for buyers, there is no hiding the fact that home prices in the state have risen drastically over the past five years. In the late summer of 2019, Altos data shows that the 90-day average median list price in Montana hovered around $390,000. As of mid-July 2024 it had risen to $725,000.

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Statewide, agents attribute this massive jump in home prices to the pandemic homebuying boom and the rapid influx of out-of-state buyers who flocked to Montana. While the influx of out-of-state buyers certainly helped increase property values in the state, agents say it has made thing challenging for locals looking to buy a house.

“It is a more than controversial issue,” Baumgartner said. “It is bad. Montanans have a lot of pride in the state and in owning property here, but most people can’t buy  houses right now. Inflation is too high and with the amount most people make for in state jobs, you’d have to have like three jobs to buy a house, unless you are in a higher paying industry.”

Robyn Erlenbush, an ERA Landmark Real Estate agent in Bozeman, has also witnessed the rapid home price appreciation take a toll on her local clients.

“When Bozeman was discovered again, if you will, there was a big influx of people with cash,” Erlenbush said. “So, you all of a sudden had more competition driving prices up and then you had interest rates go up and it was a perfect storm of ingredients that made it difficult for the local buyer. I know of people who ended up buying 90 miles away from their jobs here in Bozeman because they couldn’t afford to purchase anywhere closer.”

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If interest rates were to fall in the next few months, local agents say some buyers may gain an advantage. But it might be short lived.

“It is an election year and people tend to get a little skittish because they don’t know what is going to happen. But if interest rates fall just a little bit, we are going to have a gangbusters fourth quarter, no matter what happens with the election,” Baumgartner said. “There are just going to be a ton of people who want to buy and sell. The stuff above $1 million might still be a bit slower, but the stuff below, I think we’ll see some multiple offer situations. It is going to be interesting to watch.”



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Montana

Plan Your Perfect Fall In Montana With These 17 Adventures

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Plan Your Perfect Fall In Montana With These 17 Adventures


While Montana boasts unrivaled beauty year-round, autumn holds a special allure. As September rolls in, vibrant hues emerge across the northern parts of the state, particularly in Glacier National Park and at higher elevations. The larch firs in the west, aspens in Central Montana, and golden fields in the east create a cozy atmosphere that intermingles with the state’s many natural wonders – mountains, rock formations, and waterways all taking on new life. Whether you’re keeping it old-school and exploring a few corn mazes, backcountry hiking, or just savoring the crisp air, Montana’s fall magic is an experience to cherish.

Montana Fall Foliage: Where To Go In Montana For Fall Foliage

Montana’s diverse landscapes provide endless opportunities to experience the ever-changing beauty of autumn. Scenic highways, national forests, local parks, and everywhere in between put on a show, and you’re sure to be captivated by the vibrant colors of autumn in Big Sky Country. Use this guide as a starting point for exploring Montana’s most stunning fall foliage – you’re sure to find plenty of colorful side trips along the way!

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Best Pumpkin Patches In Montana

While Montana’s temperature swings and early freezes can make growing these festive seasonal gourds a challenge, that doesn’t mean there aren’t plenty of family pumpkin patches hiding around the state! Fall in Montana is celebrated with numerous pumpkin patches where families can enjoy a variety of traditional autumn activities like hayrides, corn mazes, and picking out perfect pumpkins for carving, decorating, and eating. Here are some of the best pumpkin patches in Montana:


Best Fall Festivals In Montana

Montana hosts a variety of fall festivals that celebrate the season with unique local flavors, activities, and traditions. From nationally-recognized fall happenings to small-town celebrations that entice locals and visitors alike, here are some of the most popular and unique fall festivals in Montana:


Free & Cheap Montana Fall Activities

Montana offers a wealth of free and affordable activities, especially in the fall when the crowds thin out and the scenery is spectacular, allowing visitors to experience its natural beauty, cultural heritage, and outdoor adventures without breaking the bank. Here are just a few unique and budget-friendly options for visitors to enjoy everything that Montana’s short-lived autumn season has to offer:

For families and solo travelers alike, the Treasure State in fall is an absolute treasure trove (see what we did there?) of both quintessential and unexpected autumn activities. There’s beauty in Montana unlike anywhere else, and we just keep finding more and more reasons to fall in love with this state!

If you plan to do any hiking on your autumn adventures in Montana, be sure to keep a GPS app handy – there’s a lot of untamed wilderness to explore. And if you’re up by GNP at any point this season, this cozy, creek-side cabin would make an excellent basecamp!

This Little-Known Scenic Spot In Montana That Comes Alive With Color Come Fall

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Scoreboard: Montana/Alberta Class AA American Legion Baseball state tournament seeding, first-round matchups

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Scoreboard: Montana/Alberta Class AA American Legion Baseball state tournament seeding, first-round matchups


Montana/Alberta American Legion Baseball Class AA 2024 State Tournament Seeding

July 31 — Aug. 4; Helena; Kindrick Legion Field

Reigning champion; Helena Senators

24-game conference schedule

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No. 1 Billings Scarlets; 20-4

No. 2 Helena Senators; 18-6

No. 3 Missoula Mavericks; 17-7

No. 4 Billings Royals; 14-10

No. 5 Bozeman Bucks; 9-15*

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No. 6 Medicine Hat Moose Monarchs; 9-15

No. 7 Kalispell Lakers; 9-15

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No. 8 Lethbridge Elks; 6-18**

* — Bozeman, Kalispell & Medicine Hat all lost three games to No. 1 seed, Kalispell lost three games to No. 2 seed for No. 7 seed, Medicine Hat lost three games to No. 3 seed for No. 6 seed & Bozeman was 1-2 against No. 3 seed for No. 5 seed.

** — Lethbridge wins head-to-head tiebreaker over Great Falls for No. 8 Seed.

First-Round State Tournament Matchups (Wednesday, July 31)

No. 4 Billings Royals vs. No. 5 Bozeman Bucks; 10 a.m.

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No. 3 Missoula Mavericks vs. No. 6 Medicine Hat Moose Monarchs; 1 p.m.

No. 1 Billings Scarlets vs. No. 8 Lethbridge Elks; 4 p.m.

No. 2 Helena Senators (host) vs. No. 7 Kalispell Lakers; 7 p.m.

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Headless, pawless grizzly left in river by Montana wildlife officials stirs outrage – East Idaho News

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Headless, pawless grizzly left in river by Montana wildlife officials stirs outrage – East Idaho News


GARDINER, Montana (Idaho Statesman) — The headless, pawless carcass of a beloved grizzly bear sits bloated in a Montana river near Yellowstone National Park — serving as a grisly reminder of how residents “failed” the bear, wildlife advocates say.

Montana Fish, Wildlife & Parks staff shot and killed the food-conditioned bear in the Yellowstone River on July 18 after it broke into multiple homes almost every night for nearly two months, sometimes while residents were inside, McClatchy News previously reported.

Then wildlife officials cut off its head and paws and left the carcass there in the river. A gruesome photo of the carcass surfaced online early Monday, July 22, taken by a river guide who spotted it in the Yellowstone River near Gardiner, KBZK reported.

Many who saw the photo were upset, the station reported.

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Montana Fish, Wildlife & Parks spokesperson Morgan E. Jacobsen explained the decision to remove the head and paws from the carcass and leave the rest behind in the river. Wildlife officers shot the bear after it walked into the Yellowstone River, only minutes after it had broken into a house, Jacobsen told McClatchy News in an email.

“It was killed in the river because that location provided a safe opportunity for staff to do so, rather than staff attempting to shoot the bear in proximity to homes and people where the bear had been previously,” he said.

The carcass drifted down the river, under water and out of sight, Jacobsen said.

“When FWP staff recovered the carcass, it was in a location where it could not be removed from the river due to hazardous access and the bear’s size (500+ pounds),” he said. “FWP staff removed the head and the paws in compliance with requirements from the U.S. Fish & Wildlife Service to remove any parts of potential monetary value.”

Because grizzlies are listed as an endangered species in the lower 48 states of the U.S., it’s illegal to traffic grizzly bear parts, Cowboy State Daily reported.

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“Grizzly skulls and claws can be hot commodities in the illegal wildlife trade,” the outlet reported.

The agency had to kill another grizzly years before in roughly the same area, “and somebody got to the carcass before we could and took the head and paws,” Jacobsen told the outlet. “We didn’t want that to happen again.”

The agency will leave the carcass where it is — visible to people enjoying the river.

“Animal carcasses are common in wild places and are consumed by other wildlife,” Jacobsen told McClatchy News. “However, this is an unfortunate outcome for the bear. Residents, businesses and visitors can help reduce hazards and conflicts with wildlife and prevent the need to remove habituated animals by keeping attractants secured.”

That’s something one of the bear’s biggest fans, wildlife photographer Deby Dixon, will fiercely advocate for.

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Dixon shared a long and heartfelt tribute to the bear she had grown to know and love after following Grizzly 769, nicknamed the Blacktail Lakes Bear, for over a decade.

“We failed this grizzly bear,” Dixon wrote in the July 24 post on Facebook.

“With great sadness, I say goodbye to grizzly bear 769, the Blacktail Lakes bear,” Dixon wrote. “I photographed this male grizzly at the Blacktail Lakes and around the park for about 10 years, right beside many other photographers and hundreds of visitors who were seeing their first grizzly bear in the wild.”

Dixon shared a photo she’d taken of the massive grizzly in the snow.

“Living in bear country is hard because it requires more diligence with food attractants than in other places,” she said. “But, anyone moving into areas around Yellowstone National Park knows, or should know, that there are grizzly bears in the area and they don’t stop at the invisible park boundary.”

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As long as food rewards, including garbage and apples, are secured properly, “the bears will go away,” she added.

Dixon said she hopes “the next bear does not get any food and is not eventually killed while crossing the Yellowstone River.”

“I also feel the grief, pure sadness, that many feel knowing that 769 is now in the Yellowstone River, blown up by death and without head and paws, reminding rafters and fishermen of our failures to this bear,” she said. “ … Grizzly bear 769, you gave us so much over the years and in the end, we let you down. I will miss you at the Blacktail Lakes every spring – your burst of energy as you ran down the hill for the first time and scouted the waters for the food that was beneath the surface. Many of us will miss you.”

Several of the bear’s fans thanked Dixon for the eulogy and shared their own memories of Grizzly 769 in the comments.

“What an amazing bear he was!” someone said. “It’s so very sad his ending had to be so tragic. We can all learn something from this story and I do hope people who live in bear country take heed.”

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