Metropolitan Statistical Area (MSA):
Missoula, MT is a Metropolitan Statistical Area (MSA) comprising counties including Missoula County.
There is no doubt that the real estate market in the Missoula, MT metropolitan statistical area (MSA) has been on an upward trend in recent years. This is evident in the increasing home prices and decreasing inventory levels throughout the MSA.
One of the main reasons for this trend is the strong job market in Missoula. The unemployment rate in Missoula was just 2.8% in 2019, which is significantly lower than the national average of 3.9%. This low unemployment rate has led to more people moving to Missoula in search of employment, which has increased demand for housing.
Another reason for the trends seen in the Missoula real estate market is the low interest rates that have been available recently. Interest rates on 30-year fixed-rate mortgages have been below 4% since early 2019, making it an ideal time to buy a home. With more buyers looking to purchase homes, competition has increased and prices have risen as a result.
Looking ahead, it seems likely that these trends will continue in 2020 and beyond. The strong job market and low interest rates are expected to remain unchanged, so we can expect to see continued increases in home prices and decreases in inventory levels throughout the Missoula MSA.