If you’re thinking of investing in Missoula, Montana real estate, now’s a great time to do it. Along with low interest rates and tax incentives, there are some great reasons that buyers are currently loving Missoula’s real estate offerings.
Like the rest of the country, housing markets in the western U.S. took a downturn in 2008. But Missoula’s real estate market weathered the setback better than a lot of places. While housing prices dipped slightly overall, in the past few years the Missoula market has rebounded steadily. Today, Missoula is among Montana’s strongest contenders for real estate growth potential.
Where You’ll Find Missoula, Montana Real Estate
Located on the Clark Fork River at the junction of five mountain valleys, Missoula has a lot to offer real estate buyers. With a population of just over 69,000, Missoula is Montana’s second largest city. The greater Missoula metro area includes most of Missoula County, with a combined population of close to 112,000. Missoula is also home to the University of Montana, which lends a youthful vibe to the city and lowers the median age to 33 for men and 35 for women. The two biggest age demographics in Missoula are baby boomers and young adults between 20-24 years of age.
Missoula, Montana Real Estate: Why It’s a Great Choice
Missoula is a nature lover’s paradise, surrounded by national forests, rivers, and lakes with recreation offerings for every taste. It is small enough to be friendly and laid-back, but big enough to offer upscale cultural and artistic events for those who like an urban experience.
The community is made for walking and biking. In the last ten years Missoula’s bike trail system has expanded rapidly, so that it’s now possible to get from one end of town to the other on safe, well-marked trails without ever getting off your bicycle.
Missoula, Montana Real Estate Offers Lots of Choices
One of the main advantages of the Missoula, Montana real estate market is choice — both in variety of neighborhoods and in property types. Among the many unique neighborhoods are the University and Rattlesnake areas. With peaceful, tree-lined streets, historic homes, and excellent local schools, these locations are ever-popular with real estate buyers. Even in hard times, properties in these neighborhoods hold their value and are always a good investment.
The North Missoula neighborhood is a vibrant, up-and-coming mix of old and new. This neighborhood has the lowest median home prices overall in the Missoula market. Residents here have a strong sense of community pride. The neighborhood is close to everything that makes Missoula unique and livable–schools, recreation, and the diverse downtown scene.
For people who know Montana as the Big Sky Country, there lots of good real estate opportunities in the surrounding hills. From these neighborhoods, residents get incredible views of the mountains and sunsets — a real “getting away from it all” feeling — while still living minutes away from the heart of the city.
Missoula also has many attractive newer and planned communities. The condominium and townhome markets have been expanding in the last ten years, along with growing demand for vacation and student rentals.
There’s also a great diversity of price points in the Missoula real estate market. The current median home value for a home within the city limits is $232,700, while the median home price is about $279,900. The median price per square foot is $217. Outside the city limits, values and prices tend to be lower.
For all these reasons, now is a good time to consider investing in Missoula, Montana real estate. Whatever your budget, housing needs, and lifestyle, there’s truly something for everyone.