Mid-Year Real Estate Market Update: 2024

As we reach the midway point of 2024, let’s look at how our local real estate market is shaping up. Whether buying, selling, or just curious, here’s the scoop on what’s happening in Billings and the surrounding areas.

How’s the Market in Billings?

Home Prices:
Home prices in Billings have increased by about 5% since last year. Good news for sellers, and for buyers, it means the market is competitive but not overwhelming.

Inventory Levels:
Listings are down 8% from last year, but we’re seeing more homes come on the market as we move into summer. Stay alert if you’re house hunting!

Interest Rates:
Rates are just under 7% for a 30-year fixed mortgage. Higher than during the pandemic but still historically low. It’s a good time to lock in a rate if you’re buying.

Local Trends

Suburban Growth:
Areas like Lockwood, Laurel, and Heights are popular for their space and community feel, while still being close to Billings.

Downtown Revitalization:
Downtown Billings is bustling with new restaurants, shops, and entertainment. Look for condos and historic homes if you love the urban vibe.

What to Expect in the Second Half of 2024

Interest Rates:
Rates should stay steady, so consider getting pre-approved for a mortgage soon.

More Homes Coming to Market:
We expect a slight increase in listings, providing more options for buyers.

Buyer Preferences:
Homes with offices, larger yards, and extra space are in demand. Sellers, highlight these features!

Tips for Buyers and Sellers

For Buyers:

• Get Pre-Approved: Shows sellers you’re serious.
• Act Quickly: Good homes go fast.
• Be Flexible: Consider different neighborhoods and potential renovations.

For Sellers:

• Price Competitively: Attracts more interest.
• Boost Curb Appeal: Simple upgrades make a big difference.
• Be Ready to Negotiate: Flexibility can lead to a smoother sale.

That’s your mid-year update, Billings! The first half of 2024 has been exciting, and we’re looking forward to what’s next. Whether you’re buying or selling, staying informed helps you make the best decisions. Happy house hunting!