Home And Garden Articles

Home Value Trends in Montana

For months now you've probably heard the doom and gloom predictions of the media and real estate experts about how the market is in a dive, home value averages are falling and the housing bubble has burst. The problem with these predictions are they tend to generalize the state of the nation's real estate market, rather than details of each individual area. In reality, the success of the market varies from area to area, and the national home value median isn't all that important for you to know if you're thinking of buying or selling. (If you're curious though, the median home value for the U.S. in 2006 was $221,900). You can visit http://www.getmyhomesvalue.com to get your own home value estimate.

The only market you should focus on is the one in the area you're thinking to buy or sell in. It's important to get an idea not just of the average home value in the area and rate of sale, but the economy, employment and attractions in that area. Knowing how an area pulls in visitors and residents will give you a good idea of how steady home value averages and the market is in that area and let you somewhat predict what those factors may do in the future.

Montana, with it's capital of Helena, is any sportsmen or wilderness lover's paradise. With a relatively small population of about 944,632 (in 2006) in a pretty big state, 46 of the 56 counties in Montana have only an average of 6 people per square mile. In general, the more rural an area, the lower home value averages tend to be, while the more populated areas tend to hold on to higher home value prices simply because they are a more popular place to live.

So far in 2007 Montana's unemployment rate has reached all time lows, at 2% in March 2007 and rising to only 2.2% in April. This rate is one of the lowest in the United States. The economy of Montana and smaller population surely has some impact on this rate, since Montana has more land to raise agricultural products such as cattle, wheat, barley, sugar beets, hay and hogs while their industries are mainly mining, lumber and wood products, food processing and of course, tourism. The abundance of land in space in Montana leaves it open to further development, and gives good prospects for the future that home value averages will rise again.

Montana's tourism breaks is down into 6 regions: Glacier Country, Russell Country, Gold West, Yellowstone, Missouri River and Custer. Though Montana has it's share of big cities, it is more known for its historical, wilderness and cultural attractions then its night life, though there is still plenty of that! Montana is perfect for the adventurer, home of Glacier National Park and not far from Yellowstone National Park. Montana has been a spot of exciting dinosaur discoveries with a Dino Trail of 15 museums and field sites, as well as tons of Native American cultural spots and activities and even reenactments of General Custer's famous last stand. You can follow part of Lewis and Clark's journey through the state, or sit back and hike, fish, and climb mountains all day in some of the most beautiful wilderness in the United States. Montana's market and home value averages should stabilize easily with such low unemployment and so many attractions in one state.

The median household income in 2004 was about $35,500 and rose just a bit to over $37,000 in 2005 and a fair estimate for the median income for 2006 would be between $38,000 and $39,000. As with the rest of the United States, the rate of income growth seems slightly below the rate of growth of home value medians. The average median home value in March of 2007 was $145,865 while April's average home value dropped to $131,680. To be fair, the lower price in April was for a slightly smaller home.

According to many agents in Missoula county, the higher tiered homes are still selling pretty easily, while the mid to lower-tier homes have a bit of a longer wait when put on the market. Motivated sellers are adjusting their home value asking price, mostly in response to reports that markets in other areas were sliding fast.

Overall, it would appear that Montana has stayed relatively stable in terms of real estate ups and downs. Home value medians never really hit the high-highs some areas of the U.S. saw and are therefore less likely to experience the low-lows either. The number of homes for sale in any given neighborhood has an effect on overall home value medians. With new homes hitting the market in the spring for Montana, it seems likely the home value median will stay level as buying and selling activity accelerates.

Find out what your home is worth and other valuable homeowner information by visiting http://www.getmyhomesvalue.com

Ashley Lichty is a webmaster and the resident SEO of Web Xtreme, Inc. She has a background in real estate and marketing with an emphasis in writing.

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