What Do Montanans Think About the Housing Market? [POLL]
Talking about real estate in Montana is almost as common now as talking about the weather. Most conversations are tinged with anger, shock, or surprise as prices have skyrocketed since the pandemic, and many people find it difficult to afford housing.
But that may be changing soon.
Predicting what might happen with the housing market is a little like looking in a crystal ball, yet there was some information that came out recently that has people guessing.
Here's How People Are Feeling Abou the Housing Market Nationwide
An article from Kiplinger says that a recent poll shows people are feeling optimistic and they expect mortgage rates to go down. What do they attribute this optimism to? An announcement from the Federal Reserve.
This shift follows last week's announcement from the Federal Reserve on rate increases and Fed Chair Powell voicing a possible pause on future interest rate hikes. This caused rates to dip slightly, and economists expect a decline in mortgage rates for the rest of 2023, going into 2024. - Kiplinger.com
What House Prices Are Doing Now in Western Montana
We reported in March on the latest report from the Missoula Organization of Realtors that home sales dropped slightly and that Kalispell's average home price now outpaces Missoula's average home price. Our reporting also indicated that prices were still climbing at the end of 2022.
But can housing prices continue to go up? Will we see a leveling off? In addition to the announcement from the Federal Reserve, there's another more informal variable to consider.
Many people linked the success of "Yellowstone" to the influx of new Montana residents but with that show coming to an end, perhaps the "Montana appeal" will have worn off.
So let's pose this question to Montanans. Fill out our poll below. Do you think Montana house prices will be going down soon?