GREAT FALLS — Montana's housing market navigates a period of uncertainty in 2025, with rising home prices, shifting interest rates, and a fluctuating inventory. The decision to buy now or wait has become increasingly complex.
"I hear my friends and people say, ‘I’m going to wait till next year when houses are cheaper.’ That’s not going to happen,” said Great Falls-based realtor and ReNeighborWorks Board of Directors President Jim Dea.
He advocates for purchasing sooner rather than later, "I truly believe that houses will be 5 to 8% higher than they are this year; it’s not going to be cheaper."
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Realtors have seen a relatively affordable market with median prices in the state. According to Zillow, Butte has one of the lowest median home prices out of the major cities, sitting at around $200,000, while Bozeman reigns as the most expensive market in the $700,000's.
Dea theorizes that the prices are where they are now because of the lack of inventory.
"Lack of inventory generally keeps prices up higher, so I don’t foresee the housing market dropping in Great Falls, even if there is a correction nationwide."
Recently, homes have been seen leaving the market around the 50-day mark, generally selling for the asking prices.
"It’s good news for sellers; it’s tougher to be a buyer right now. Interest rates are 2 to 3 to 4% higher than they were."
A worry this year will be the effect tariffs will have on the market.
"I can't speak for New York or Philadelphia or some of those types of areas, but I don’t believe the tariffs will affect the housing market in Montana or Great Falls specifically."
Live in Montana Real Estate owner Lynn Kenyon has advice for potential home buyers.
"Always, my recommendation is talk to a local lender. They understand the Montana market better. Get pre-approved, and then when you make your offer, your seller is going to be more confident that you can pull the trigger."
"But if you don’t own a house and you plan on being in Great Falls for any length of time, I suggest that you buy a house now,” Dea told MTN.
