Where Are Home Prices Headed?

The national view:  While there’s been a lot of concern prices would come crashing down this year, data shows that didn’t happen. In fact, home prices are rising in most of the nation. Experts say that trend will continue, just at a slower pace that’s much more normal for the housing market – and that’s a good thing.
 

A survey of a national panel of over 100 economists, real estate experts, and investment and market strategists from Pulsemonics  created the graph below.  The consensus is, that prices will keep climbing next year, and in the years to come.
(From Keeping Current Matters 11-28-2023)
 

You ask - How about NW Montana? Well, we typically follow national trends by about a year, so for 2023, it isn't surprising we are behind the mark at least for Single Family Homes. The mid-year months of 2023 were down even further, but there was an uptick in negotiated prices in October that brought the average up to end at a -2.7%. Sales volume tends to be lower in November and December, so we aren't anticipating a large shift to end 2023. Townhome and Condo demand remains strong here in NW Montana!