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Glendive, Montana: Rising Home Values and Shifting Ownership Patterns in a Small City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Glendive, Montana, is a small city located in the eastern part of the state, known for its rich paleontological history and proximity to Makoshika State Park. Over the past decade, Glendive has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its housing market.
The homeownership rate in Glendive has shown a general upward trend, increasing from 60% in 2013 to 67% in 2022. This rise in homeownership coincided with significant changes in average home prices. From 2016 to 2022, average home prices in Glendive increased by 36.2%, rising from $150,483 to $204,973. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping by 14% from $165,061 to $188,169.
Federal interest rates have played a role in shaping homeownership trends in Glendive. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.4%, likely contributed to the increase in homeownership rates. As interest rates remained low, more residents may have found homeownership financially feasible, leading to the observed rise from 60% in 2013 to 67% in 2022.
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Conversely, the percentage of renters in Glendive has decreased over time, falling from 40% in 2013 to 33% in 2022. Despite this decline in the renter population, average rent prices have shown a significant upward trend. In 2013, the average rent was $405, which increased to $745 by 2022, representing an 84% rise over nine years. The most dramatic increase occurred between 2014 and 2015, when average rent jumped from $421 to $635, a 50.8% increase in a single year.
In 2023 and 2024, Glendive's housing market continued to evolve. Average home prices reached $209,659 in 2023 and further increased to $215,914 in 2024, representing a 5.3% growth over two years. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Glendive may continue to rise over the next five years, albeit at a more moderate pace. Based on historical trends and current market conditions, average home prices could potentially reach around $240,000 by 2029. Average rent prices are also expected to increase, potentially reaching approximately $900 per month in the same timeframe, assuming current trends persist.
In summary, Glendive has experienced a notable increase in homeownership rates and average home prices over the past decade, while simultaneously seeing a decrease in the renter population despite rising rent prices. The city's housing market has shown resilience, with continued growth in home values even in the face of rising interest rates. These trends suggest a strong local housing market with potential for further appreciation in both home values and rental rates in the coming years.
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