City-by-city price comps
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Billings has fared better than most parts of the United States and has avoided much of the investor boom that hit other parts of Montana and the West. Still, a slight drop in home prices is expected this year. That and more are needed to bridge the 24-percent difference between actual home prices and equilibrium, according to Local Market Monitor. The pace of construction is less than in 2007, with a 14-percent decline in single-family permits from December 2007 to December 2008. | | Median price end of 2008: | $169,450 | | Median price end of 2007: | $175,000 | | Percent change: | -3.2% | | Projected change through Q3 2009: | -2.4% | | Affordability rating: | 0.0 | Foreclosures in 2008:
(1 for every 329 households) | 194 | Foreclosures in 2007:
(1 for every 245 households) | 259 | | Change in foreclosures: | -25.1% | | Expected to hit bottom: | Q3 2009 | | Percent drop needed to reach bottom: | -2.8% | | Note: Median price data from the Billings Association of Realtors. |
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