What’s Happening in Missoula’s Housing Market Right Now?

By Jason Baker

Jason Baker is the leading listing agent in the entire regional mls for residential and or total units sold, 8 years running. He is a tireless worker, and surrounds himself with the best admin and sales team in Montana...and the results speak for themselves.

What’s happening in the real estate market right now? The housing market is shifting; whether you’re a buyer or seller, now’s the time to pay attention. Here’s what you need to know:

Current market overview. As of early March 2024, there are about 295 residential properties for sale in Missoula County. That includes houses, condos, townhomes, and manufactured homes. That might not sound like a huge number, but it’s a big jump compared to last year.

We’re talking about 100 more units than we had at the start of 2023. And this trend isn’t just in Missoula; it’s happening across all the counties we work in, like Ravalli, Mineral, Lake, and Granite.

What does this mean for buyers? More homes on the market mean more options to explore properties that fit your needs and budget.

What does this mean for sellers? While there’s more competition, buyer interest is high right now. People are actively looking to buy, and interest rates have stabilized. If you’re thinking about selling, now could be a great time to list your home.

Why list now instead of waiting for summer? I know what you’re thinking: “Jason, everyone says to wait until summer to sell!” But here’s the deal: summer isn’t always the golden ticket. Sure, more homes hit the market then, but guess what? There are also more distractions. Families are on vacation, kids are out of school, and people are busier.

In my 12 years of experience, I’ve noticed that homes get fewer showings in the summer because there’s so much inventory. If you list now, you’ll have less competition and more eyes on your property. Plus, buyers are serious right now, they’re not waiting around. So, if you want to get more money and get more offers, now’s the time to act.

Should buyers wait? If you’re a buyer, you might wonder if you should hold off until interest rates drop. Here’s the reality: rates aren’t expected to change much this year. Maybe a quarter-point up or down, but that won’t make a huge difference in your monthly payment. So, unless there’s a specific reason you need to wait (like kids in school or other life stuff), there’s not much benefit to delaying.

Here’s a pro tip: if you buy now, you’ll likely move in the summer. If you wait until summer to buy, you might move in the fall or winter. Timing matters, so think about what works best for you. If you’re considering buying, you might wonder if you should wait for interest rates to drop.

If you’re considering selling, many people ask what they need to do to prepare their homes for sale. A good first step is to get an estimate of your home’s value online. Then, we can chat about preparing your house for sale.

We also offer a concierge program to help with things like new carpets or painting. You don’t pay upfront because we can handle the costs, and you pay us back at closing. Whether buying, selling, or just watching the market, now is a great time to act. Sellers face less competition and serious buyers, while buyers enjoy more options and stable rates.

A personal note, ** ** I want to take a moment to say thank you. My wife, Sarah, passed away on February 8, and the outpouring of love and support from this community has been humbling.

If you knew Sarah or our family, we’d love to have you join us on March 29 at 10 a.m. at Zoo Town Church to celebrate her life.

After the service, we’ll have lunch and an inspiring event called “Inspiring the Next Legacy.” From 1:00 p.m. to 4:00 p.m., speakers will share powerful stories about overcoming addiction, turning rags to riches, and pushing through life’s biggest challenges. It’s our way of giving back to the community that’s given us so much.

If you’re interested, RSVP at couragemoves.com so we know how much food to prepare.

If you have questions, you can reach out to me at (406) 552-4443 or jason@jasonbakerteam.com. If you’re in the area, I’d love to see you on the 29th to celebrate Sarah’s life and be inspired by some incredible stories.