In Great Falls, the cost of buying a home continues to climb, but not as fast as it once did.
A home priced around $340,000 today is up roughly 15% from just a few years ago in 2024, and nearly 88% higher than before the pandemic. While those numbers may sound alarming, local real estate experts say the market is beginning to level out.
Brianna Juneau reports - watch the video here:
Across Montana, housing prices vary widely. In Butte, median home prices sit around $280,000, while Great Falls properties stay in the medium $300,000 range. Meanwhile, cities like Bozeman continue to lead the state, with median prices nearing $700,000.
Despite those differences, recent trends show price growth has slowed in the past few months.
“We’re entering our spring selling season,” said Jim Dea, President of the Great Falls Association of Realtors.
That seasonal shift is bringing more homes onto the market. So far this year, about 280 homes have been sold through the Great Falls Association of Realtors, with roughly 140 currently listed.
Still, inventory remains well below pre-pandemic levels, a key reason prices continue to rise.
“Through COVID, we got the numbers down to the 20s and 30s for listings,” Dea said. “In a typical pre-COVID market, we were in the 200s. So we are still short on inventory, which of course is driving prices up.”
That shortage isn’t expected to ease anytime soon. A housing study conducted by the Great Falls Association of Realtors, NeighborWorks Great Falls, and the Great Falls Development Alliance found the city needed about 450 new homes annually in 2020 to meet demand. By 2024, that number had grown to around 650, highlighting the area’s continued growth.
Even with limited inventory, homes are still selling at a steady pace. On average, houses spend between 60 to 90 days on the market, signaling consistent demand from buyers.
For those considering purchasing a home, rising interest rates have caused some hesitation. But Dea says waiting may not be the best strategy.
“We marry the house, but we date the interest rate,” he said. “If interest rates drop down in the next few years—and I think they will—you can refinance the house.”
His advice is straightforward: “You should not wait for interest rates. You should buy now.”
The same urgency applies to sellers.
“If it’s time to sell your house, don’t wait. Sell it now,” Dea said.
Looking ahead, experts expect home prices in Great Falls to continue increasing, though at a more moderate pace.
“Barring anything unusual like the Covid pandemic, I don’t see them spiking up,” Dea said. “I see a 3 to 4% growth, and I think that’s fairly conservative.”
While many buyers may feel priced out amid rising costs for everyday essentials, the Great Falls housing market appears to be entering a more stable phase, one where steady growth replaces the dramatic surges seen in recent years.
For now, the message from local experts is clear: whether buying or selling, timing the market may matter less than simply getting in, and waiting may not be the answer.
