…and $700k for a acre of land.
$500k for a mobile home in Bozeman, Montana. Here’s the original listing. I’m not appraiser by trade but it looks pretty much like a… mobile home.
This shouldn’t come as a surprise though, lost of folks from the west coast moving inland trying to find an affordable place to live in. For reference, an acre of land is already pretty expensive.
When median prices were at $400k before the pandemic, that was indeed lower than SF, LA, or NY. Since then, people have been moving here like crazy and buying up properties. $400k was already unaffordable for most Montanans (the median income is $52,000) but since then, outside investors have indeed ran up the price of real estate. It’s simply the fact that outsiders find a deal better than where they came from.
And apparently, this has been going on for a while already, at least according to this article from the WSJ.
All these new people coming in seem fairly happy now… Let’s see how happy many are after a couple of those really hard winters.