The bad news, you’ve heard over and over. The nation’s housing market took an unfortunate hit back in 2008. The good news, most Missoulians were able to ride out the storm with minimal damage. During the collapse, Missoula’s housing trends showed a slight decrease, but 2011 brought along a steady, positive rebound.
Overall, the Missoula real estate market has remained a healthy industry. The plus side to living in Missoula is the wide variety options among neighborhoods and how it can accommodate all interested parties looking to relocate, up-size, down-size, buy, sell, construct, or rent.
Missoula County Facts
Missoula is the second largest city in Montana and according to the 2010 U.S. Census, Missoula County’s population reached just over 109,000. The median age of Missoula residents is affected by the University of Montana’s student population, which are 33 years of age for males and 35 years of age for females. The two most prominent age ranges within Missoula County include baby boomers (ages 46-64) and echo boomers (ages 20-34).
Missoula County Housing Overview
Homes sold in Missoula reached a total of 878 sales in 2011 with a median price of $205,000 and average days on the market were reported at 129. A positive trend was the median home price, which showed an increase over the prior year.
The median income in 2010 for all Missoula County households lies slightly above $40,000. About 54% of Missoula County households are homeowners, while 37% are renters. The vacancy level sits under 10%, which a significant portion of that percentage includes units occupied seasonally or are only temporarily vacant.
Missoula’s housing conditions are more promising compared those on the national level. Home prices fell about 33% nationally since its peak in 2006, while Missoula’s median prices only dropped by 7%. This can be attributed to a significant decrease in foreclosures over the last two years, maintaining an unemployment percentage below the national rate, and historically low interest rates.
Sources: 2012 Missoula Housing Report provided by The Missoula Organization of Realtors. 2010 U.S. Census