The future of the Billings real estate market looks bright in 2024

Billings, Montana – This year has seen fluctuations in the real estate market, with October having the highest mortgage and interest rates in 23 years. But experts are hopeful the market is heading in a positive direction for 2024.

Monique Harasymczuk and her wife recently bought a house in November in a process that was years in the making.

“We’ve been looking for a house since it’s been about two years, but with the housing market we were just like, we’re going to wait until next year and the year after,” said Harasymczuk.

But because to recent market adjustments, they were able to locate one at a fair price.

“The houses that we were looking at last year came down quite a bit, so then that is when we decided we might as well,” said Harasymczuk. “We just decided we needed to just bite the bullet and get ourselves into a house because we were throwing money to the wind with renting.”

Because of the state of the market, Sara Cortez and her family were able to move up into a better house in August. In a matter of days, they sold their old house and used the proceeds from the sale to buy a new one.

“Prices were very, very high. But I think what helped us is knowing how much we could sell our house for, with all that equity it did help us find a decent house in our price range,” said Cortez.

The formerly erratic market seems to be leveling off. The downward trend in prices will benefit prospective buyers.

“We’re very close to what we were in 2022,” said Nicole Morrow, who is a realtor at 2Morrows Real Estate brokered by eXp Realty in the Billings area with her daughter, Makena.

“You have to be able to tell (clients) that everything they see on the news or Zillow may not be correct to the market in Billings. We are protected in that little bubble, and it’s not as drastic of a change as other parts in the U.S.,” said Morrow.

They added that a lot of people have the wrong idea about the situation of the market right now and that things won’t get worse.

“The housing market is not crashing. If anything it’s very vibrant and it’s very active, especially in Billings,” said Morrow.

The July high of nearly $400,000 was surpassed by the average home sale price in Yellowstone County in November, which was $360,000, according to housing data site RedFin.

“The prices aren’t going to fluctuate a ton like in 2020,” said Morrow. “They’re going to remain about where they’re at. Maybe go down just a little bit.”

While the search for a new residence can be a drawn-out and challenging process, Cortez thinks that getting the correct assistance is crucial for prospective homeowners.

“Find a good realtor who will look for your needs and what you want, not try and talk you into anything else. They just listen to what you want and not change your mind on anything.”