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Vacation homes and luxury properties a hot market

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Town Crier “Briefs from the Region” (1) – 12/4/20

“Our record-breaking year, I really do believe it has to do with COVID,” Dawn Maddux told the Missoulian. Maddux is a realtor for Engel & Völkers in Missoula and specializes in luxury homes. The real estate market in western Montana, she and other fellow agents say, has been “drastic.” Another notable statistic is that the price points for those houses and ranches selling right now are not tied to local labor markets—people who live in cities have the cash to purchase in Montana, and are now doing so. Bill McDavid, a real estate broker in Missoula whose average deals range between $8-10 million, says it’s the perfect storm of people fleeing urban centers to seek open spaces.

“I’ve had a lot of people, they maybe have a beautiful home in San Francisco, and a lot of people have toyed with the idea of buying a ranch over the years,” McDavid told the Missoulian. “And during the pandemic, they found themselves thinking, ‘why didn’t I do this because I could be flying to an enclave and spending the pandemic with a few thousand acres around me.’”

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