Loading Content...
Average Home Values and Ownership in Belfry, Montana: A Small Community's Real Estate Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Belfry, Montana, is a small community that has experienced fluctuations in its population and housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in Belfry, providing insights into the local real estate landscape. The homeownership rate in Belfry has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 73%, which increased to 79% by 2022. This rise in homeownership coincided with a significant increase in average home prices. From 2016 to 2022, average home prices in Belfry rose from $160,887 to $376,068, representing a substantial 133.7% increase over six years.
The relationship between federal interest rates and homeownership rates in Belfry appears to follow the well-established trend of lower interest rates encouraging homeownership. From 2013 to 2020, when interest rates were generally low, ranging from 0.09% to 2.16%, the homeownership rate in Belfry increased from 73% to 79%. This suggests that the low-interest-rate environment may have contributed to making homeownership more accessible for residents.
Conversely, the percentage of renters in Belfry decreased from 27% in 2013 to 21% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $630, which increased to $781 by 2022, representing a 24% increase over nine years. The most significant jump in rent prices occurred between 2018 and 2019, rising from $765 to $912, before slightly decreasing in subsequent years.
Looking at the most recent data, average home prices in Belfry continued to rise in 2023 and 2024, reaching $384,861 and $401,312, respectively. This represents a further increase of 6.7% from 2022 to 2024. Notably, federal interest rates also saw a significant increase during this period, rising from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. Despite the higher interest rates, home prices in Belfry have continued to appreciate.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Belfry will continue to rise, albeit at a potentially slower rate due to the higher interest rate environment. Average home prices could reach approximately $450,000 to $500,000 by 2029. Average rent prices are also expected to increase, potentially reaching $900 to $1,000 per month within the next five years, driven by ongoing demand and the overall upward trend in the housing market.
In summary, Belfry has experienced a significant increase in homeownership rates and average home prices over the past decade, while the renter population has decreased. Despite this, average rent prices have also risen. The community's real estate market has shown resilience, with home prices continuing to appreciate even in the face of rising interest rates. These trends suggest a strong local housing market with potential for further growth in both home values and rental rates in the coming years.
