Butte, MT - Real Estate Market Overview 2025

Zoe Harper

Marketing

Landlord Tips & Tricks

July 29, 2024

The real estate scene in Butte, MT, is always changing. It's important for everyone involved to know the latest trends and details. This knowledge helps in making smart choices in the fast-paced world of Montana real estate.

Butte's market is competitive, with homes often selling in two weeks. Many homes get more than one offer. The median sale price was $462K last month, down 2.8% from the year before. This info is vital for buyers and sellers to react quickly to market changes housing market insights¹.

Home prices vary, ranging from $140,000 to $790,000. This offers something for everyone, whether you're buying your first home or investing². Also, about 46% of buyers think about moving away, whereas 54% want to stay. These trends affect the market in big ways¹.

Key Takeaways

The median home sale price in Butte, MT decreased by 2.8% to $462K last month¹.
Homes in Butte typically sell in about 14 days¹.
Housing prices in Butte range from $140,000 to $790,000².
46% of Butte homebuyers search to move out, while 54% aim to stay within the area¹.
The most expensive house for sale in Butte is priced at $790,000, while the most affordable is $140,000².

Current Housing Market Conditions in Butte, MT

The housing market in Butte, MT is changing. Nowadays, market conditions are different, which affects both buyers and sellers.

Buyer's Market vs. Seller's Market

In the past, Butte's market switched between favoring buyers or sellers. As of June 2024, it's leaning towards a buyer's market. This means more homes are available longer, and prices are better for buyers¹. It's a great chance for those wanting to buy a home there.

Current Market Status

The Butte housing trends show some competition, with some homes getting multiple offers. Yet, homes often sell for a bit less than listed³. It's a tough balance, so keeping up with the latest info is key for buying or selling.

For detailed information, check out the Montana housing market blog. It has a lot of insights about Butte's real estate¹.

Housing Prices in Butte, MT

The real estate market in Butte, MT, offers many different properties at varying prices. For those looking to buy or sell, knowing about Butte's housing prices is essential. It helps them make smart decisions in the market.

Median Sold Prices

In the past year, the median price of homes in Butte has changed a bit. It is now at $420,000. This shows a slight shift from before². The average price of a house is around $413,222. This number is a bit higher than the median price².

For those interested, you can look into future housing price trends in Butte. These go from August 2024 to December 2031. They show the low, high, and start prices for each month, expecting a slow rise over time. For more details, click here ¹.

Price Variations by Bedroom Count

The price of a home in Butte can really depend on how many bedrooms it has. Properties with five or more bedrooms are seeing bigger price jumps. Single-family homes are quite popular. Their prices are affected by their condition, where they are, and what they offer². Knowing these factors is important for affordability and staying competitive in the market.

Housing Supply in Butte

The housing scene in Butte, Montana, is booming, reflecting larger market shifts. More houses are available, giving buyers better choices.

Number of Homes for Sale

Recent numbers show Butte's home listings have jumped by 24.9%. This offers a wide selection for those interested in buying⁴. It's a great chance for investors or people wanting to move to this lively city.

Home Availability by Bedroom Count

Looking at Butte's housing, more homes with four or more bedrooms are found. They are perfect for families or those wanting extra space⁴. This points to Butte aiming to meet the needs of larger families, enhancing the home choices available.

Sales Trends in Butte Real Estate

The Butte real estate market has seen important changes in sales trends lately. We look into these recent changes for valuable insights. We do this through a detailed property market analysis.

Trends in Median Sale Prices

Recently, Butte's median sale prices have been up and down. In early 2024, residential sales jumped by 98% compared to last year⁵. But the median sale price for homes was $462,000 last month, showing a 2.8% drop from the year before¹.

Moreover, the price per square foot was $246. This is a 4.3% decrease from the previous year¹. These numbers point to a market that's changing and needs to be watched closely.

Comparison with Previous Year

To understand Butte's sales trends better, comparing recent data with last year helps. Overall, Gunnison County, including Butte, saw an 87% increase in home sale prices in the first quarter of 2024⁵. Yet, there's been a slight decrease in Butte's median home prices¹. For more details on these shifts, visit this property market analysis.

Days on Market for Butte Homes

Homes in Butte have a moderate selling time, showing the market's balanced pace. They are on the market for about 49 days. This indicates a stable environment where buyers and sellers can make moves¹.

Butte's market is somewhat competitive, with homes selling in roughly 14 days. This information is key for making smart decisions¹. For more details, check out the Montana Housing Market online.

The local market manages home listings well, making for smooth deals. Knowing these trends helps in planning for future market conditions. It's key for understanding the market's direction and possibilities in Butte¹.

Becoming familiar with these selling times is crucial. It helps people know what to expect when buying or selling. Analyzing this alongside price trends offers a comprehensive market view. It's vital for informed decisions in Butte's market¹.

Comparing Butte's Real Estate Market with Nearby Cities

Butte's real estate market is different from nearby cities. We see varied pricing trends and market dynamics. These provide insights for buyers and investors.

Market Competitiveness

Nearby cities like Anchorage and Palmer have very competitive markets. Homes there often sell for their listed price or more. Butte is a bit different, with homes usually selling for a bit less than the asking price⁶. In Butte, you'll find 47 real estate agents. Notable among them are Amy Clark, with $18 million in sales, and Clay Seccomb, who sold $10 million worth last year⁷.

Comparison of Sale Prices

Looking at sale prices, Butte had a median listing price of $541,000⁷. The price per square foot was $281⁷. Nearby, in the Crested Butte/Gunnison area, 29 properties were sold in March 2024⁸. This was similar to sales the previous year⁸. Land sales have slowed, likely due to higher interest rates and building costs⁸.

Butte attracts investors with its affordable fixer-upper homes, priced from $11,000 to $35,000⁶. This contrasts with the more expensive markets of Bozeman and Missoula⁶.

In Mount Crested Butte, condo sales have dropped due to higher HOA dues and costs⁸. However, flipping homes in Butte can be very profitable. Some people make as much as $50,000 profit per sale⁶. These differences show the unique opportunities and challenges in each market, helping buyers and investors make informed decisions.

Migration Trends Affecting Butte's Real Estate

The real estate scene in Butte changes a lot because of where people move from and to. Knowing about inbound vs. outbound movers and the cities people are coming from and going to is key. This info predicts where people might move to in Butte next.

Inbound and Outbound Movers

Butte's moving trends show as many people come as go⁹. This keeps the number of houses needed and their prices stable. By keeping an eye on where people move, those selling or buying homes can make smarter choices.

Top Cities People are Moving From and To

A lot of new folks in Butte come from Seattle. This shows big changes in who wants to live here¹⁰. Knowing these shifts helps understand why more houses might be needed. It's important for real estate plans to reflect the real moving trends, as Seattle folks find Butte more appealing for its cost and lifestyle.

Investing in Butte Real Estate

Butte, Montana, has great options for those looking to invest in real estate. This city's rich mining past and dynamic community create a special market for buyers. Also, Butte's dedication to keeping its history alive makes it a solid choice for investors looking for stable and exciting opportunities.

Investment Potential

Right now, Butte is known as a buyer's market. This means lower prices for properties and they stay listed for longer. As of July 2024, the average price for a home in Butte is $298,500, with the price per square foot at $157¹¹. This situation is perfect for investors wanting to get good returns from long-term or vacation rentals. For example, regular rental properties can bring in about $1,638 every month. Airbnb-type rentals can earn around $2,530 a month¹¹.

Long-term Market Outlook

Experts expect Butte’s home prices to go up by 5.5% by February 2025¹². This is a promising sign for anyone thinking about investing for the long haul. Butte's strong sense of community and job opportunities in real estate add to its appeal. Yet, investors should always keep an eye on the market and economic changes. These factors will continue to play a big role in future investments.

FAQ

What is the current market status in Butte, MT?

As of June 2024, Butte has become a Buyer's Market. This means homes are cheaper and stay listed longer. It's easier for buyers to negotiate.

How does Butte's housing market compare to nearby cities like Anchorage and Palmer?

Butte's real estate market is less competitive than Anchorage and Palmer. Homes in Butte tend to sell for a bit less than the asking price. Anchorage and Palmer, on the other hand, see homes often selling at or over the listing price.

What are the median sold prices for homes in Butte?

The median sold price for homes in Butte is $260,000, which averages to $164 per square foot. This is a slight increase from last year. The biggest price jumps are in homes with five or more bedrooms.

What is the current trend for housing supply in Butte?

There's been a 24.9% rise in homes for sale in Butte. There's a bigger increase in listings for houses with four or more bedrooms.

How long do homes typically stay on the market in Butte?

Homes in Butte are listed for an average of 49 days. This shows the market is stable, with homes selling at a steady pace.

What are the recent trends in migration affecting Butte's real estate market?

Migration trends are evenly split between people moving to and from Butte. Most new residents are coming from Seattle. These changes are shaping Butte's real estate scene.

What potential does Butte offer for real estate investment?

With Butte's shift to a Buyer's Market, investors might find good deals because of lower prices and longer listing times. Knowing how the market and economy are changing is key to making smart investment choices.