Mary Grant, executive officer of the Billings Association of Realtors, hears regularly from the Realtors working in the region and the common refrain has been the wild activity of the market. When reached for comment Tuesday, she had just chatted earlier with a Realtor who received 26 bids on a single home listing.
“It’s been the craziest market they’ve seen in a long time,” she said.
The analysis from the Wall Street Journal and Realtor.com tracked with what Grant has seen over the last year. The average price for a home in Billings in June 2020 was $284,988. In June of 2021, it had jumped to $376,248.
Much of that climb in house prices is driven by a scarcity of inventory, Grant said. Right now, the Billings region has 261 active listings, which equates to just over three weeks of inventory. In other words, if no other houses came on the market, it would take Billings just under a month sell out all its residential properties.
At this time last year Billings had just about two months worth of inventory, Grant said.
The other factor driving home sales is relocation.
“A lot of people are coming from out of state,” Grant said.
She’s seen a lot of houses sell for cash, suggesting that those buyers coming from out of state are coming from expensive markets where Billings prices represent a deal. In town, Grant suspects more local homeowners would sell, upgrading their digs if there were homes available to move into.
Read More: Billings real estate market ranks hottest in the country | Local News