MISSOULA - You may have a few days longer to find a new home as the Missoula housing market cools off a bit this summer. But it's likely the price you'll have to pay hasn't changed all that much.
As we reported back in April, Missoula's median home price soared from $450,000 at the end of 2021 to break $500,000 for the first time. At the end of the second quarter in June, that price remained firmly above that threshold at $538,000.
But there are signs higher interest rates, and inflationary pressures, are having some impact.
Brint Wahlberg, who tracks the numbers for the Missoula Organization of Realtors (MOR), says the time a house would be on market was as short as 6-days last winter. Now, that's closer to 35-days.
"Buyer activity and time for sellers to get to contract is definitely slowing down," Wahlberg told us this week. "On the flip side though, what we notice, is that our median sales price right now sets at about $530,000."
"We've seen no decrease in median sales price. Even if you look at it on a month-to-month basis, it has just continued to hike up about $5,000 every month as we keep going. So these interest rate hikes, and even slowing down of market activity, still hasn't caused our median sales price gains to start dropping," Wahlberg continued.
Wahlberg says that's largely still driven by the limited supply of homes, although in the last month we've started to see the return of some sellers beginning to offer a few discounts to entice buyers, something we haven't seen for a long time.
Click here to read the full report from the Missoula Organization of Realtors.
