GREAT FALLS — Several million-dollar homes have been lingering on the market for months in Great Falls, a stark contrast to the demand for affordable housing.
As of August 2024, the median home price in the area was just over $300,000, reflecting a 3.3% drop since last year.
However, for some people, homeownership remains out of reach due to limited availability of affordable properties.
Lynn Kenyon, broker and owner of Live In Montana, sheds light on the current housing market.
"In the last six months, 484 homes have sold in Great Falls, with 207 of those priced below $300,000 and only one above a million," Kenyon explained.
Despite strong sales, there are insufficient affordable homes for the average buyer, while many high-priced properties remain unsold.
Kenyon also noted that the housing market is influenced by both regional and national factors.
"We’re seeing a lot of people coming to Montana for a different lifestyle, including retirees and military veterans," she said. "Montana, especially areas like Great Falls, is still relatively affordable compared to places like Whitefish and Bozeman, which have become more like California in terms of cost."
Interest rates are also a major consideration, with November’s anticipated rate changes likely to have a significant impact.
Kenyon advises potential buyers to be prepared for a competitive market, where sellers have the upper hand.
"Sellers are in control right now," she said. "They often prefer buyers who don’t have to sell another property first."
For those entering the market, Kenyon recommends using a real estate agent.
"I hear it all the time — people want to save on commission. But having someone who knows the system, the forms, and the right people can make all the difference," she explained.
As Great Falls grapples with an uneven housing market, prospective buyers and sellers alike are navigating a landscape marked by high prices and limited availability of affordable homes.
In the meantime, high-end properties continue to sit on the market, leaving many in the community struggling to find a place to call home.
