{"id":262343,"date":"2026-02-25T16:36:03","date_gmt":"2026-02-25T23:36:03","guid":{"rendered":"https:\/\/montanafreepress.org\/?p=262343"},"modified":"2026-02-25T16:36:12","modified_gmt":"2026-02-25T23:36:12","slug":"report-missoula-housing-prices-down-overall-affordability-still-limited","status":"publish","type":"post","link":"https:\/\/montanafreepress.org\/2026\/02\/25\/report-missoula-housing-prices-down-overall-affordability-still-limited\/","title":{"rendered":"Report: Missoula housing prices down overall, affordability still limited\u00a0"},"content":{"rendered":"\n

The Missoula area\u2019s housing market continued to level out last year with a slight decrease in the median home price, but lower-priced homes remain elusive, according to the Missoula Organization of Realtors\u2019 annual report.<\/p>\n\n\n\n

In 2025, the median sale price of a Missoula-area home decreased 2.2% to $550,000, according to the 2026 Five Valleys Housing Report. That includes sales of single-family homes, townhomes, condominiums and manufactured homes on owned lots. The median sale price in Montana was $460,700 as of Dec. 31, 2025, according to Zillow. <\/p>\n\n\n\n

The number of sales, 1,029, increased 4.6% from 2024, which was the first year of an increase since 2020, said Mandy Snook, broker and owner of Montana Home and Land Company, during the panel presentation at the Missoula Public Library Wednesday. <\/p>\n\n\n\n

\u201cWe’re seeing a supply in a more normal range than we’ve seen in a long time,\u201d she said. \u201cAffordability looks a little better this year with a combination of lowering interest rates and, in some cases, lower property taxes. This gives buyers more choices and opportunities to secure housing. We continue to have a lack of usable inventory in the lowest price bands in our area. This leaves many people unable to afford a market-rate home.\u201d<\/p>\n\n\n\n

After \u201cbottoming out\u201d in 2020 and 2021, the Missoula area\u2019s housing supply has increased and is within the healthy range of three to nine months, said Brint Wahlberg, a Realtor with Windermere Real Estate. However, supply varies based on housing type, price and neighborhood, with more townhomes and condos available than single-family homes, he said. <\/p>\n\n\n\n

The Missoula area, including parts of the county, had about a 5-month supply at the end of 2025, Wahlberg said. Missoula is nearing an undersupply of homes at or below the median price, while there is a significant oversupply of homes listed for $1 million or more, Wahlberg said. Right now, 22% of active listings in Missoula are in that $1 million-plus range, he said. <\/p>\n\n\n\t\n\t\t

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Report: Missoula housing market stabilizing, affordability remains a challenge\u00a0<\/a><\/h3>\t\t\t\t\t\t

The Missoula area\u2019s housing market appears to be stabilizing after years of declining sales and rising prices, but a low housing supply, particularly of lower-priced homes, remains a challenge, according to the Missoula Organization of Realtors\u2019 annual report.<\/p>\n\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tby<\/span> Katie Fairbanks<\/a><\/span>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t
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Missoula looks to increase housing with new zoning regulations\u00a0<\/a><\/h3>\t\t\t\t\t\t

The new rules encourage a wider range of housing types across Missoula\u2019s neighborhoods, marking a significant change for some areas that have been largely insulated from development in recent years. <\/p>\n\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\tby<\/span> Katie Fairbanks<\/a><\/span>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t

Community land trust homes also provide a homeownership opportunity for people with lower incomes, Pavlish said. Last year, Front Step Community Land Trust sold three homes with a median price of $257,028. In April, 27 new <\/strong>community land trust homes will be available as part of the Scott Street-Ravara housing development<\/a>, including 21 income-qualified condos. <\/p>\n\n\n\n

\u201cThe interest in these homes is going to far outstrip the available number each year, but we look forward to this meaningful addition in 2026,\u201d Pavlish said. <\/p>\n\n\n\n

Last year, Missoula\u2019s rental market saw increased rents for most unit types and a low overall vacancy rate by historical standards, said Josh Plum with Plum Property Management. <\/p>\n\n\n\n

Two-bedroom apartments saw the largest increase in average rent, up 11.4% from $1,491 to $1,661, Plum said. Rents for one-bedroom apartments increased 5.4%. Rents for three-bedroom, single-family homes stabilized, he said. <\/p>\n\n\n\n

Landlords are seeing more \u201cprice sensitivity,\u201d with higher-end one and two-bedroom apartments in the $1,800 to $2,500 per month range leasing more slowly, he said. Units with rents under $1,500 have a low vacancy rate and are leased very quickly, Plum said. <\/p>\n\n\n\n

\u201cThe larger amenity packages do not appear to outweigh pricing decisions, and tenants are often choosing the lower nominal rent even when higher rents include utilities and amenities and some additional creature comforts,\u201d he said. <\/p>\n\n\n\n

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