Now that we’re well into the new year, let’s take a look at how our real estate market performed in 2018.
Now that we’re well into the new year, it’s time to take a look back at how our local real estate market performed, overall, in 2018.
First, let’s look at some data regarding buyer demographics. In 2018, 33% of all people who bought a home were first-time buyers. Though there was an influx of millennials in our marketplace last year, the average age of buyers was 46, and the average age of sellers was 55.
Also, 12% of home sales were multi-generational. This includes adult children with aging parents, and also parents with adult children who have moved back in.
Of all homes sold, 86% were resale properties and 14% were new construction. Meanwhile, 82% of buyers bought single-family homes while the remaining 18% purchased townhomes or condos. The national median home sale saw an average sales price of $250,000, an average square footage of 1,900 square feet, and three bedrooms and two bathrooms on average.
Various forms of debt—namely student loan debt, credit card debt, and car loan debt—all posed a major obstacle for would-be buyers in 2018.
And, lastly, narrowing our scope to the statewide level, I found it interesting to discover that there is one real estate agent for every 168 people here in Montana.
I hope you found value in today’s message. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.