Helena Real Estate Dips in Value While East Helena Soars in March 2024

The blog examines the various trends in the real estate market of Helena, East Helena, Jefferson City, Townsend, Cascade, and Deer Lodge in Montana, highlighting the nuances and unique dynamics in each city.

authorWritten by Manuel MartinezApr 24, 2024

Overview of the Helena, Montana Real Estate Market

The real estate market in Helena and its surrounding areas in Montana has revealed an interesting mix of trends in the early months of 2024. Helena itself has experienced a notable decline in average property values, dropping from roughly $310,000 in September 2023 to $259,000 in March 2024. Despite this, the average sale price per square foot has displayed resilience, climbing from $296 to $319 within the same time frame. This suggests a market atmosphere where space is increasingly valued, and smaller properties may be fetching higher prices relative to their size.

Housing Market Summary for Helena, MT

Apr 2023 March 2024 Change
Median Listing Price $309.9K $414.3K 33.70%
Median Sold Price $394.1K $414.3K 5.13%
Homes For Sale 121 113 -6.61%
Homes Sold 215 238 10.70%

In contrast, East Helena has witnessed a robust increase in average property values, surging from $200,000 in January 2024 to $277,000 in March 2024. This upward trajectory is mirrored in the average sale price per square foot, which has also grown, though more modestly, from $285 to approximately $295.

The story changes when looking at Jefferson City, which presents a challenge in data analysis due to a lack of sales activity; for March 2024, the average property value is posted at $325,000, yet there are no recorded sales to further inform on market conditions.

In Townsend, market values seem to have found a stable ground, with properties consistently valued above $379,000 as of February 2024 to March 2024. This stability paints Townsend as a dependable market in comparison to its neighbors.

Helena MT House Prices April 2024
Helena MT House Prices April 2024

Turning our eyes to Cascade, the fluctuations in average values and sold prices are remarkable. A sharp increase in the average sale price from February 2024’s $340,100 to March 2024’s $266,500 contrasts with a higher average property value in February. This hints at a market where the average sale price may not fully align with the underlying property values.

Finally, Deer Lodge presents itself as a market with a steady heartbeat. Over the span of a year, from April 2023 to March 2024, property values have consistently risen, from an average of $195,000 to $235,000, indicating a reliable appreciation in property worth within the city.

Analysis of Current Values and Sale Volumes in March 2024

Helena MT Houses For Sale April 2024
Helena MT Houses For Sale April 2024

As of March 2024, Helena’s real estate market has seen an average property value of $259,000 with a significant number of properties listed (113) compared to those sold (238). With an average sale price standing at a much higher $414,451, a discrepancy suggests that while the general property values are lower, the properties that do sell fetch a premium, especially given the high average sale price per square foot at $319.

In East Helena, the average property value is currently at $277,000, maintaining a small inventory of 14 properties. Nevertheless, the average sale price is notably high at $364,361, aligning with the growth in value this area is experiencing. Additionally, the higher average sale price per square foot value of $295 corroborates the increasing demand for property space relative to size.

Jefferson City’s real estate situation is unique, offering an average property value of $325,000, which is significant for the only property listed. However, the lack of sales data presents a gap in understanding the true market dynamics here.

Conversely, Townsend, with a slightly higher inventory of 11 properties, shares a similar fate to Jefferson City with no sales recorded in March 2024. Nonetheless, with an average property value of $389,000, it points towards a higher-end market.

Cascade’s market presents a peculiar scenario with only three properties listed and an average property value of $349,900. Yet, the two properties sold have gone for an average sale price of $266,500, which is lower than expected based on the average property value. This suggests that the actual sale prices may be at variance with the listed values.

Lastly, Deer Lodge showcases a steadier market with 16 properties listed and an average value of $235,000. Its average sale price is slightly lower at $231,821, and a total of nine properties sold. The average sale price per square foot value stands at $182, reinforcing a market that appreciates steadily and aligns closely with listed values.

These insights underline a market that is as varied as it is nuanced, where each city in the vicinity of Helena presents a unique narrative in the grander Montana real estate landscape. The careful observer will note that despite some regional declines in values, the sale prices per square foot often tell a story of enduring appeal for well-located or well-appointed properties in these markets.

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