Purchasing property for profit is an exciting way to cushion your retirement or even commit to as a career. If you have your sights set on Montana but are unsure about where to look, you should know about these hot markets that are expected to continue thriving.
If you think Montana is the perfect location to invest in real estate property — you’re not alone. The area offers a bustling economy, a thriving real estate market, and an increase in jobs in the technology, agriculture, and healthcare industries.
Yes, Big Sky Country is a place where people look for both vacation properties and homes to instill their roots. The spectacular mountain ranges and vast outdoor scenery attract people from all over the world to call Montana home.
A Clever Partner Agent can show you how and where to make wise investments that offer a return.
Here are five of the hottest places in Montana to venture into a real estate investment opportunity.
This thriving city is the largest in Montana and the median price of homes has experienced a consistent increase since 2011. The real estate market is forecasted to continue this trend into next year by growing another 4.7%, building on an already stable place to invest in real estate.
Recent data reveals the average home value in Billings is $236,900 which is nearly 4% over the national average. If intentions are to invest and sell — understand that median listings average at $249,900. Flipping a home for rent typically results in the average payment of $1,150 per month.
The job market in Billings pays citizens a median wage of $52,944 making the average home prices manageable. The area features a strong presence from the oil and mining industries which keeps the economy stable.
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A comfortable combination of a laid-back atmosphere and upscale culture blend well to make Missoula an exciting place to buy. Property investors should know the current median home value of $304,200 is up an impressive 11.4% since last year. Research from Zillow shows it is expected to experience an additional 6.6% increase by 2020.
Since it’s home to Montana University, Missoula experiences a constant flow of students searching for properties. Investing in rentals will fetch owners an average of $1,300 per month. Listings show an average price of $350,000 while the median home value is $304,200.
One disadvantage property investors may experience is selling expensive properties to hometown buyers. The average salary for citizens is $40,730 making some price tags far out of reach.
However, out-of-state home buyers are a significant reason that home values and the population are on the rise. Missoula is surrounded by more than 60,000 acres of wilderness, making it a desired vacation destination or retirement retreat.
When it’s time to sell, work with someone in the Partner Agent Network who knows how to market your investment properties to the right type of buyer.
This incredibly popular ski town is a great place to invest in property for a profit. It should be no surprise that market values reflect the demand for property. Recent data shows the median home value in Bozeman is $436,800 while most list for $450,000.
Median values have increased 11% over last year, and are expected to grow another 6.8% before 2020. Buying now can provide a huge ROI as the market continues to accelerate.
Bozeman offers well-paying jobs for professionals at Montana State University, which employs over 3,000 people in the city. A technological boom is also present in the city, where large tech firms are using it as their hub. The stable job market and less than 3% unemployment rate is good news for those investing in property in the area.
The capital of Montana is a safe place to invest in real estate as home values experience consistent increases. Today’s median average is up 10% from last year at $255,700. The market is expected to raise another 5.7% within the next year.
The steady job market in Helena offers numerous career paths for its population of 31,429. The biggest industries are Public Administration, Healthcare, and Educational Services. These markets will continue to attract top talent to the area in search of properties.
Helena is on the upswing and becoming a seller’s market. With increasing demand and relatively low inventory, selling property should remain competitive between home buyers.
With a population of about 59,000 people, Great Falls offers a small town atmosphere in the central region with the convenience of major city amenities. The affordable cost of living makes this a great place to invest in property.
While the median household income is below the national average at $42,237, homes are valued accordingly at $204,100, which is about $171 per square foot. It’s also a hot rental market where tenants pay an average of $1,200 a month. Homeowners make up 70% of the city, leaving a large portion of the population in search of securing a lease.
One drawback that is present is the lack of interest from wealthy home buyers searching for properties. With surrounding cities offering more desirable conditions, profit margins may be slimmer. However, for those in search of an affordable location to begin an investment venture, Great Falls is an excellent option.
Whether you are just beginning the journey into real estate investing or intend to scale your portfolio with more properties, fill out this online form to connect with a local agent who can expertly guide you through the process.