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Roundup, Montana: Home Values Soar as Ownership Rates Climb
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Roundup, Montana, a small city in Musselshell County, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in Roundup, providing insights into the local real estate dynamics. The homeownership rate in Roundup has shown a notable increase in recent years. In 2013, 65% of residents were homeowners, but this figure dropped to 56% by 2018. However, there has been a remarkable rebound since then, with the homeownership rate reaching 76% in 2022. This upward trend in homeownership coincides with changes in average home prices. The average home price in Roundup rose from $131,546 in 2016 to $235,166 in 2022, representing a substantial increase of 78.8% over six years.
The relationship between federal interest rates and homeownership rates in Roundup presents an interesting case. Despite the general trend of lower interest rates encouraging homeownership, Roundup's data shows some divergence. For instance, when federal interest rates were at historic lows (0.08% in 2021), the homeownership rate was 74%. As interest rates began to rise (1.68% in 2022), the homeownership rate continued to increase to 76%. This suggests that local factors may have a stronger influence on homeownership in Roundup than national interest rate trends.
The rental market in Roundup has seen fluctuations in both the percentage of renters and average rent prices. The proportion of renters increased from 35% in 2013 to a peak of 44% in 2017-2018, before declining to 24% in 2022. Average rent prices have shown volatility, rising from $570 in 2013 to $776 in 2018, then decreasing to $694 in 2022. The population of Roundup has also fluctuated, peaking at 783 in 2015 and settling at 679 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in Roundup was $231,618 in 2023 and increased slightly to $234,624 in 2024. This represents a modest growth of 1.3% over the year. Meanwhile, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, continuing the upward trend observed in recent years.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Roundup will continue to rise, albeit at a more moderate pace than seen in the early 2020s. The average home price could potentially reach around $260,000 to $270,000 by 2029. For average rent prices, we expect a gradual increase, potentially reaching $750 to $800 per month by 2029, assuming stable economic conditions and continued population growth.
In summary, Roundup's housing market has demonstrated resilience and growth, with a strong trend towards homeownership in recent years. The significant increase in average home prices, coupled with the rising homeownership rate, suggests a robust local real estate market. However, the rental market has shown more volatility, both in terms of renter percentages and average rent prices. These trends indicate a shifting preference towards homeownership in Roundup, potentially driven by local economic factors and housing market dynamics.
