BUTTE, Mont. – Across the country, we are seeing higher than normal real estate demand and low inventory as people leave major urban metropolitan areas and move to Montana.
It’s no secret that Bozeman and Belgrade are experiencing a massive influx, but down I-90, is Butte experiencing the same problem?
We posed this question to Berkshire Hathaway in Butte, which has offices throughout Montana and tracks data in every city. We’ve all noticed the influx of people coming to every town in Montana, but where are they buying?
Katey White with Berkshire Hathaway says the influx of people moving to Butte due to COVID hasn’t hit as fast as other towns in the state of Montana, but there are more people moving to Butte now .
“It wasn’t immediate, I think our expansion and the number of people that started coming to Butte started in the summer of 2020,” White said, “and it was a bit slower than all the world but I also think we haven’t slowed people down coming here because our prices are so much more affordable.
White explains that you don’t necessarily see new developments in Butte, but the restoration of old historic homes. With this, catering usually becomes a rental property.
So when it comes to Bozeman vs. Butte, how do they compare?
According to data from Berkshire Hathaway, in 2022 alone, both cities show a 46% increase in median home sale price.
What does it mean?
In February 2021, the median home price was $538,000 in Bozeman, in Butte it was $184,000.
Now factor in that 46% increase.
In Bozeman, 46% brings the total to $787,000
At Butte 46% brings in a total of $267,000
White says Butte has more single-family homes than Bozeman, which helps keep the price in Butte low.
The inventory itself is soaring in the Bozeman area, only lasting nearly six days on the market, while Butte sees nearly 30 days.
Berkshire Hathway says one of the biggest reasons people are moving to Butte right now has to do with the fact that it’s affordable and some people have been kicked out of their hometowns like Bozeman, Billings and Missoula.