Loading Content...
Rising Home Values and Ownership Rates in Rollins, Montana: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rollins, Montana, is a small community nestled in the scenic landscape of Big Sky Country. This charming locale has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. The city has seen a significant increase in homeownership, coupled with substantial growth in average home prices, while average rent prices have shown more modest changes.
Homeownership in Rollins has seen a remarkable upward trend, rising from 83% in 2013 to an impressive 97% in 2022. This increase in ownership coincides with a substantial rise in average home prices. In 2013, the average home price was $473,172, which steadily climbed to $1,093,278 by 2022, representing a 131% increase over nine years. The most dramatic jump occurred between 2020 and 2021, when average home prices surged from $598,876 to $830,820, a 38.7% increase in just one year.
The relationship between federal interest rates and homeownership rates in Rollins appears to follow the general trend of lower interest rates encouraging higher homeownership. For instance, as interest rates remained low from 2013 to 2020 (ranging from 0.09% to 0.38%), homeownership rates in Rollins increased from 83% to 93%. The continued rise in homeownership to 97% in 2022, despite a slight increase in interest rates to 1.68%, suggests other factors may also be influencing this trend in Rollins.
Conversely, the percentage of renters in Rollins has decreased significantly, from 17% in 2013 to just 2% in 2022. This decline in renters corresponded with a moderate increase in average rent prices. From 2016 to 2022, average rent prices rose from $674 to $704, a relatively modest 4.5% increase over six years. The stability in rent prices, coupled with the declining renter population, suggests that the rental market in Rollins has become increasingly niche, possibly catering to a small segment of the population unable or unwilling to purchase homes despite the rising ownership trend.
In 2023 and 2024, the housing market in Rollins continued its upward trajectory. The average home price reached $1,131,629 in 2023 and further increased to $1,270,788 in 2024, representing a 16.2% growth over two years. This rise occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, indicating strong demand and potentially limited housing supply in the area.
Looking ahead, predictive models suggest that average home prices in Rollins may continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Average rent prices are likely to remain relatively stable or see modest increases, given the limited rental market in the area. However, if homeownership becomes less attainable due to rising prices and interest rates, there could be a slight resurgence in the rental market.
In summary, Rollins has experienced a significant shift towards homeownership, with a corresponding dramatic increase in average home prices. The rental market has shrunk considerably, with only minor increases in average rent prices. The continuation of rising home prices in 2023 and 2024, despite higher interest rates, underscores the strong demand for housing in this Montana community. These trends reflect a dynamic real estate market in Rollins, with homeownership becoming increasingly prevalent and valuable.
