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Great Falls housing market had a record-setting year in 2019

Posted at 2:54 PM, Feb 04, 2020
and last updated 2020-02-04 16:54:31-05

The National Association of Realtors shared that December 2019 had a 3.6% increase in home sales, and Great Falls benefited from that increase.

Existing Home Sales data released for January 2020 is scheduled for Friday, February 21, 2020. NAR Media Communications issues a news release on or near the 25th of each month with the latest existing-home sales figures.

The Great Falls housing market boasted a record-setting year in 2019.

There were a number of factors that contributed to the increase in over all sales such as record low interest rates, and the number of homes available.

According to a report from the Great Falls Association of Realtors, the total number of homes sold in 2019 was 1,046.

The price of the homes sold, were at a median range of $196,367 which was up from the previous year by $16,000, or 8%.

The report also showed that homes were on the market for an average of only 93 days.

The Great Falls Association of Realtors did say the report came as a surprise, however, because the population in Great Falls has been consistent.

The president of GFAR, Jim Dea, said, "We'd love to see some increase in our population. I know that that would help the housing market in Great Falls but a stagnant population is not good for the housing market in general."

Dea also says that Malmstrom Force Base has had a significant impact on population in Great Falls to help it remain constant, where other towns in Montana may see significant falls and highs.