The Great Falls real estate market is showing some signs of recovery. Sales are up and prices have stabilized after falling for three years. The ten metro areas that enjoyed the greatest home-price increases over the past year were not as big during the housing boom and didn't indulge in subprime-lending excesses.
With no boom, Great Falls had no need to bust. Instead, our housing market has plugged along at approximately 4% annual price appreciation, below the national average of 6% annually between 1968 and 2008, according to the National Association of Realtors.
Great Falls Montana has a rate of unemployment less than the national average of 9.5% in October '09, according to the Bureau of Labor Statistics. Unemployment is one of the factors, along with affordability that Fiserv Lending Solutions factors into its home-price forecasts.
Here are some of Great Falls Statistics:
Great Falls, Montana
One-year % change in home price: 3.1%
Median home price: $159,202(estimated)
Median family income: $51,900
Affordability index: 3
Unemployment rate: 5%
Foreclosure rate: 0.01% of all housing units
Forecast change in home price over the next year: 0.2%
This Central Montana city on the Missouri River is home to Malmstrom Air Force Base and just SW of the Bakken Oil Boom area.