“We’re seeing how the geography of wealth in the U.S. has begun to shift, as 2021 was the first year for both Idaho and Montana to place any cities on this list, and now those Western states boast three million-dollar cities each,” Jeff Tucker, senior economist for Zillow
A new real estate report released this week by Zillow Research has listed all the "million-dollar" cities across the United States.
To qualify as a "million-dollar" city, a neighborhood or town must have a typical home value of over $1 million. In 2021, a record 481cities across the country hit this mark. This was due to a surge in demand for housing that saw the typical U.S. home gain 19.6% in value.
Montana is home to a "million-dollar city for the first time." And not just one but three Montana cities made the list.
Let's take a quick look at them.
Located in Powell County, Garrison was home to just 112 in the latest Census. The small population enjoyed a 26% increase in their average home value in 2021. The average home price in Garrison is now $1.2 million
2. Gallatin Gateway
3. West Glacier
The third "million-dollar city" in Montana is West Glacier, which has an average home price of $1.2 million, up 23% from 2021.
West Glacier is an unincorporated community and census-designated place in eastern Flathead County, at the west entrance to Glacier National Park. The population is just 227 people.
"The surge in demand for housing last year sent home values skyrocketing, even in places where prices already were sky-high, and that helped tip a record number of cities into the million-dollar club," said Jeff Tucker, Zillow senior economist
With the way the real estate market is performing in Montana, it wouldn't be surprising to see more neighborhoods making the million-dollar list in 2023.
While the booming real estate market may please realtors, it has led to pessimism amongst prospective buyers. 70% of Americans believe that now is a bad time to buy a home.
Readers, what do you think?
Do you expect more neighborhoods to join the list? Does this mean that property in Montana is becoming too expensive for the average person?
As always, please leave your comments below.