HomeReal EstateGreat Falls, MT

Great Falls, MT

โš–๏ธ Balanced Market
Median Price
$327,514
โ†— 3.8% YoY
Median Rent
$745/mo
Cap: 2.7%
P/R Ratio
31.7x
Nat'l: 18x
Days on Market
35
days avg
Ocity Verdict
โŒ RENT

๐Ÿ“Š Fundamental Scores

Risk Grade: A
50
Affordability
50
Investor Yield
60
Market Temp
60
Boomtown Score

๐ŸŽฏ The Bottom Line

The Great Falls housing market offers stability with a Risk Grade of A, but the 31.7x price-to-rent ratio heavily favors renters. Investors should focus on cash flow strategies to navigate moderate appreciation.

๐Ÿ“ˆ Price History

Zillow Home Value Index (ZHVI) ยท Updated monthly
$328K$273K
Mar 23Aug 24Jan 26
Current
$328K
3Y Change
+20.0%
3Y Peak
$328K

๐Ÿ“Š Market Activity

Source: Redfin ยท 2026-01-31
Price Drops
20%
Firm pricing
Months of Supply
4.3
Balanced
Gone in 2 Weeks
26%
Time to decide
Homes Sold
44
New Listings
50
Active Inventory
188
Pending Sales
66

๐Ÿ“ˆ Market Analysis

Market Cycle

The Great Falls housing market is currently in a balanced transition phase. With an Ocity Market Temperature score of 60, activity is steady but not overheated. The YoY price change of 3.8% indicates sustainable appreciation rather than a speculative bubble, aligning with the national average cooling trends.

Supply & Demand

Inventory levels suggest a tight seller's market leaning toward equilibrium. The Months of Supply stands at 4.3, which is below the 6-month benchmark for a buyer's market but above the 3-month threshold for a seller's market. Demand remains robust, evidenced by the fact that 25.8% of homes go off-market in two weeks. However, new listings (50) slightly outpace closed sales (44), creating a delicate balance.

Pricing Power

Sellers retain slight leverage, reflected in a Sale-to-List Ratio of 97.0%. While 20.2% of listings required price dropsโ€”indicating some seller optimism testing the marketโ€”the median days on market remains low at 35 days. The active inventory of 188 homes provides options but not oversupply, keeping the Great Falls real estate environment competitive for desirable properties.

Great Falls, MT Housing Market Forecast 2026โ€“2028

๐Ÿ”ฎ Great Falls Price Forecast 2026โ€“2028

Based on 5-year Zillow ZHVI trend analysis ยท Statistical projection
๐Ÿ“ˆ Upward Trend
PROJECTEDNOW$328K2027$357Kโ–ฒ 8.9%2028$379Kโ–ฒ 15.6%20232024Now
$398K$259K
Current
$328K
2026
Projected
$357K
โ†‘ 8.9% by 2027
Projected
$379K
โ†‘ 15.6% by 2028
5yr CAGR:+9.2%
Confidence:High
Rยฒ:0.96
โ–ผ

Great Falls, MT Housing Market Forecast 2026โ€“2028

When evaluating the Great Falls housing market forecast for 2026-2028, the data points to a period of stabilization rather than the dramatic appreciation seen in the prior five years. While the 5-year price change of 57.1% is impressive, the recent YoY change of just 3.8% signals a significant cooling. With a price-to-rent ratio of 31.7xโ€”well above the national averageโ€”buying remains expensive relative to renting, justifying the current RENT verdict. The market temperature of 60/100 indicates a balanced environment, suggesting that while demand isn't evaporating, the frantic pace of 2021-2023 is likely over.

For potential buyers asking will Great Falls home prices drop, the Risk Grade of A offers some reassurance against a sharp correction, but affordability will be the defining challenge. Local economic drivers, including Malmstrom Air Force Base and a growing logistics sector, provide a stable employment floor that should prevent a crash. However, with median prices at $327,514 and median rent at a low $745/mo, the math heavily favors renters in the short term. Inventory levels and days on market (currently 35) will be key metrics to watch; if days on market extend significantly, it could signal a shift toward buyer leverage.

Looking toward Great Falls real estate Great Falls 2027, we anticipate a period of consolidation. The 5-year CAGR of 9.3% is likely unsustainable and should normalize closer to historical inflation levels. Growth in the region's healthcare and agricultural sectors may support modest price increases, but high interest rates and affordability constraints will likely cap significant upside. Ultimately, while Great Falls remains a solid long-term hold due to its low risk profile, the window for rapid equity building has likely closed. The forecast suggests aๅนณ็จณๆœŸ (stabilization period) where the market finds a new equilibrium between local wages and housing costs.

Disclaimer: This forecast is a statistical projection based on historical price trends and should not be considered financial advice. Actual market outcomes may vary due to economic conditions, interest rates, local regulations, and other factors.

๐Ÿ  Rent vs Buy Analysis

Monthly Cost Breakdown

The financial divergence between renting and buying is stark in Great Falls. The median rent is $745/month, while the monthly mortgage payment on a median-priced home (assuming 20% down) significantly exceeds this. The Great Falls home prices median of $327,514 creates a high barrier to entry compared to rental costs.

5-Year Comparison

Over a five-year horizon, the buy vs rent Great Falls debate leans heavily toward renting from a cash-flow perspective. The Price-to-Rent ratio is 31.7x, far exceeding the national average of 18x. This ratio suggests that renting is financially superior unless property values appreciate significantly to offset the high entry costs.

When Renting Wins

  • Flexibility is key: Renters can move easily without transaction costs.
  • Lower monthly outlay: $745/month vs. a mortgage likely exceeding $1,800/month.
  • Avoidance of maintenance: Landlords cover repairs and property taxes.

When Buying Wins

  • Equity building: Principal payments build net worth over time.
  • Stability: Fixed-rate mortgages hedge against inflation.
  • Long-term appreciation: The 3.8% YoY growth compounds over decades.

๐Ÿงฎ Can You Afford Great Falls? Interactive Calculator

Income Reality Check

Can you actually afford Great Falls?

$
20% ($65,503)
6.5%
Monthly Gross Income$6,667
Principal & Interest$1,656
Property Tax (0.74% MT)$202
Insurance$109
Total PITI$1,967
Cost Burden: 29.5% of Income

Great! At 29.5%, this mortgage falls within healthy financial limits. You have strong purchasing power in Great Falls.

๐Ÿ’ฐ Investment Thesis

Cash Flow Analysis

Investors looking to invest in Great Falls face a challenging cash flow environment. With a median rent of $745 and a median home price of $327,514, the gross rental yield is approximately 2.7%. After accounting for taxes, insurance, and maintenance, the net yield drops further. An Ocity Investor Yield score of 50 reflects this neutrality; cash flow is tight without significant leverage or value-add strategies.

House Hacking

House hacking is the most viable strategy for investors here. By purchasing a multi-family unit or a single-family home with an accessory dwelling unit (ADU), an investor can offset the high mortgage costs with rental income. This strategy effectively lowers the owner's living expenses, making the Great Falls housing market more accessible.

Target Investor

The ideal investor for this market is a long-term holder focused on stability rather than quick flips. With a Risk Grade of A, Great Falls offers security against market volatility. Investors should target properties where the 3.8% appreciation can compound while using house hacking to mitigate negative cash flow in the early years.

๐Ÿฆ For Investors
See Full Investment Analysis โ€” ROI Projections, Cap Rate, Cash Flow โ†’
โ†’

๐Ÿ˜๏ธ House Hacking Calculator Interactive Calculator

House Hacking CalculatorOwner-Occupied Multi-Fam

$
%
$
%
%
Net Monthly Cash Flow
-$1,426/mo
Cost to live (better than renting?)
Cash on Cash
-65.3%
Total PITI (Mortgage)
-$2,700
Gross Rent (2 units)
+$1,490
Vacancy & Expenses
-$216
Total Capital Needed$26,201

๐Ÿ—บ๏ธ Neighborhood Breakdown

Entry-Level

Neighborhoods like Black Eagle and parts of the Central Great Falls offer entry-level pricing. These areas feature older housing stock but provide the most affordable access to the Great Falls real estate market. Investors can find properties below the median price, improving the potential for positive cash flow despite the high city-wide price-to-rent ratio.

Mid-Range

The West Side and Sun River areas represent the mid-range segment. These neighborhoods are popular with families due to their proximity to schools and amenities. Properties here align closely with the city median of $327,514. Demand is consistent, and homes often move quickly, with 25.8% selling within two weeks.

Premium

Highland and Fox Farm are considered premium areas within the Great Falls housing market. These neighborhoods command higher price points and attract buyers looking for larger lots and newer construction. While the entry cost is higher, these areas tend to hold value well, benefiting from the city's overall Risk Grade of A.

โš ๏ธ Risk Factors

High Price-to-Rent Ratio
The ratio stands at 31.7x, making it difficult for investors to achieve positive cash flow immediately. This significantly impacts the 'Investor Yield' score of 50.
Low Rental Income Ceiling
Median rent is only $745/month. This low ceiling limits revenue potential and makes it hard to offset the $327,514 purchase price.
Moderate Inventory Levels
With 4.3 months of supply, the market is balanced but lacks the deep inventory needed for aggressive buyer negotiation. Sellers still hold a 97.0% sale-to-list power.
Slow Appreciation Rate
A YoY change of 3.8% is stable but modest. While it reduces bubble risk, it limits the speed of equity building compared to hotter markets.
Market Neutrality
Ocity scores for Market Temperature (60) and Boomtown Radar (60) indicate a stable but non-booming environment. Growth will likely be linear rather than exponential.