Montana’s real estate market has entered a distinct buyer’s market phase, with longer listing times and increased price negotiations marking a significant shift from recent years, according to Hannah Bruha, broker at Clearwater Montana Properties.
“We have quite a bit of inventory right now. Our listings are sitting a little bit longer than we’re used to,” says Bruha, noting that 2025 has brought significant changes. While 2024 was busy, Bruha says last year was “one of the slowest years I’ve had in my career.”
The shift to a buyer’s market has fundamentally changed transaction dynamics. “Buyers are negotiating price down quite a bit,” Bruha explains. “Lot more negotiations in the inspection period. They’re kind of still negotiating down the price, and then some more for repairs and stuff like that.”
This negotiation pattern is particularly relevant in markets like Anaconda, where Bruha notes they “have a lot of older historical homes” that often “need a little bit more love.”
Despite higher interest rates potentially creating a “lock-in effect” seen in other markets, Montana sellers are motivated by various life changes. “We have some sellers that are looking to retire and relocate… a lot of them escape the winters here,” Bruha says. “We see a lot of families that are in small homes, they’ve had more kids, they need a bigger home.”
Some sellers are finding creative solutions: “Sometimes they’ll hang on to it and rent it and then just refinance and buy another one,” Bruha notes.
The market shift has created some tension between historical and current pricing. “They can’t believe how expensive it is there now compared to 20 years ago,” Bruha says of returning locals, though she notes these prices still represent value compared to larger Montana markets.
While the market has shifted to favor buyers, Bruha suggests the fundamentals remain strong, supported by community growth. “The Anaconda area has grown a ton. We have a lot of new businesses coming in, and it’s just thriving,” she says, indicating the current market conditions may represent a rebalancing rather than a fundamental weakness.
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