Missoula is one of many metropolitan areas where the real estate market looks increasingly like San Francisco’s, especially after the pandemic and the rise of remote work led some people to leave cities in search of more space and cheaper home prices. “It’s wild to say that if someone wanted to buy a house under $750,000 in Missoula, you probably have less than 15 options, and those 15 options are probably all going to be under contract by the end of the week.” Brint Wahlberg, Missoula real estate agent. In 2021, Missoula issued a record number of permits for new homes, and housing experts say the city may avoid an even more unaffordable market if it focuses on strong development in the next few years. were experiencing a housing market similar to that of San Francisco, which became infamous when home prices nearly doubled in a decade due to a low inventory and high demand.īut there may be some hope. The Chronicle used data from Zillow to see what areas of the U.S. The drastic uptick in prices on the heels of record low supply of available housing is what earned Missoula first place among the country’s other metro areas in an analysis the San Francisco Chronicle published in March, which featured 10 real estate markets “ on the cusp of a San Francisco-style affordability crisis.” In January 2022, the city’s median home price soared to an all-time high of $485,000, compared to the median price of $315,000 in 2019, according to MOR data that was shared at a forum last month. In just two years, the median single-family home price in Missoula increased more than 50%, according to the Missoula Organization of Realtors. ![]() Missoula’s shortage of homes on the market, growing population, skyrocketing rents, and record sale prices have residents questioning what the area’s housing market will look like in the years to come and whether many will be able to afford to stay in the Garden City.
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