Housing prices hit new record in Missoula, rent prices soar too
Even dirt is getting crazy expensive in Missoula these days.
The median sales price of a piece of bare land in Missoula last year was $162,500, according to Brint Wahlberg of Windemere Real Estate.
“I went back 10 years, and the median sales price in 2012 for a piece of land, for a lot, was $60,000,” he said. “And so you can look at just kind of the compounding costs and what goes into building a new house. And you’ve got a piece of land that in just 10 years it’s gone up over $100,000 for just the dirt before we even start building the house.”
The Missoula Organization of Realtors presented its annual report on housing on Wednesday morning at the Missoula Public Library, and Wahlberg was part of a panel of experts that presented data on every segment of the market. As they have every year for the last decade, housing prices surged again last year.
People are also reading…
The median sales price of all homes sold in the Missoula area in 2022 was $520,000, an all-time record for a year’s worth of sales and a $70,000 (15.5%)