BILLINGS — There are 688 single-family homes on the market in Yellowstone County, according to Billie Parrott, the Billings Association of Realtors president.
Parrott reports that active listings are up 10.8% compared to last month.
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Realtors in the area are seeing more options for buyers. Parrott said the median sales price in May was $370,000, down 5.9% from last year.
Parrott noted that in Billings, homes are relatively affordable compared to other Montana cities, such as Missoula and Bozeman.
As for the best time to buy or sell a home, Jason Leininger, a local broker, emphasizes that spring is the best time to list.
“Once the grass gets green, middle of May, early part of June is statistically the highest net volume for sellers,” Leininger said.
Leininger acknowledged that a 7% interest rate may cause some potential buyers or sellers to hesitate.
“If the interest rates do go down a little bit, that's going to bring an influx of people entering the market, which is great for those that want to buy and sell something,” Leininger said.
The median days on the market is currently 17, up 17.2% from last month, according to Parrott.
“Nationally, in some states, we're seeing more of a 30-day on the market. So, 17 to me is pretty good still. It still shows us that it's a strong market,” Parrott said.
Sellers in the area are still seeing top dollar for their homes. Parrott highlighted that sellers are receiving 98.4% of their list price.
“They're still getting pretty close to list, which is a good sign,” Parrott said.
Both Parrott and Leininger highlighted the opportunity that Billings has.
“Billings as a whole is very diverse in its economy, from the oil refineries to the education corridor to the hospitals,” Leininger said.
