Although rising mortgage interest rates have slowed down the market a little bit, home prices in Missoula are still setting high-point records so far this year.
The median home sales price in the Missoula Urban Area hit a dizzying $533,500 in May, a record that’s 18.5% higher than the median sales price of $450,000 for all homes sold in 2021. In 2020, the number stood at $350,000, which at the time had locals shaking their heads in disbelief.
In Missoula County overall, the median home sales price was $550,000 in May.
Brint Wahlberg, a local Realtor who serves as the first vice president of the Missoula Organization of Realtors, said data shows that the amount of time homes sit on the market has been rising after hitting an all-time low earlier this year.
The median time on market, the time it takes a property to go from getting listed on the Multiple Listing Service to the time it goes under contract, has risen from just seven days in January to 19 days in May.
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“It’s interesting,” he said. “It shows that, basically, it’s taking longer for