The ever-growing population of Missoula has showed no signs of slowing down in recent years. To support this trend, there continues to be a steady increase in construction, residential lot sales, median prices, building permits and home sales.
With 1,543 homes sold, 2017 was the most active year of home sales on record. The median price of a home in 2017 increased 5.2 percent to $268,250. There was a 26 percent decline in sales of homes under $200,000, indicating the dwindling availability of homes in that price range.
Within the city, about 46 percent of housing units are owner-occupied. Rentals are in high demand in this college town, with an average vacancy rate hovering at 3 percent. As more people move in to Missoula than move away, this increased need for housing supply has been apparent in the rising amount of construction of subdivisions and townhomes.
Data from Missoula Organization of REALTORS®
Missoula Housing Authority
Missoula Organization of Realtors