HousingWire Daily
Brooklee Han on local housing market inventory and prices
Jul 31, 2024
Brooklee Han, a seasoned reporter specializing in local housing markets, shares insights on the dynamic shifts affecting regions from Montana to New Hampshire. She discusses the summer cooldown in Montana’s housing market, the unexpected drop in Bozeman’s median list price, and the competitive scene in Northwest Ohio driven by interest rates and inventory shortages. Additionally, Han highlights the unique challenges facing first-time homebuyers, emphasizing how regional differences shape the overall market landscape amidst rising costs.
30:02
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Quick takeaways
- The Montana housing market saw increased competition from out-of-state buyers, driving up prices despite a recent summer cooldown.
- In Northwest Ohio, tight inventory and high interest rates challenge first-time buyers, although demand for affordable homes remains strong.
Deep dives
Current Trends in the Montana Housing Market
The Montana housing market saw a significant surge during the pandemic as buyers sought larger properties and more open spaces, often moving from states with higher home prices. Many of these out-of-state buyers were able to sell their homes for substantial sums and could afford to make all-cash offers, causing local buyers to struggle against the escalating prices. Although the market has cooled somewhat this summer, there remains confidence in steady demand, particularly in luxury sectors and areas with job growth. Agents noted that while the landscape is challenging for first-time buyers due to affordability issues, there’s potential for a more active market if interest rates decrease.
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