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MISSOULA, Mont. — Missoula’s housing market is shifting, but it’s not cooling off completely.

After years of rapid growth during the pandemic, realtors say the market is starting to level out even as people continue moving into the area.

“In 2020 and 2021, Missoula County saw about 2,800 people relocate into our area,” said Brint Wahlberg, a realtor with Windermere Real Estate. “It tailed off after that, in 2022 and 23. It cooled down a little bit. But we’ve seen a resurgence again in the last couple of years where about a thousand people on average have moved into Missoula County over the last couple of years.”

During the pandemic, low interest rates and remote work drove a surge of new residents into western Montana, pushing home prices higher and limiting available inventory.

Now, that pace has slowed, but the market hasn’t stopped.

Realtors say demand is starting to split, with lower-priced homes still seeing competition while higher-end properties are taking longer to sell. And as more homes are built and inventory slowly improves, the market is starting to balance out.

“So it’s no surprise to people. Missoula’s housing prices are pretty expensive,” Wahlberg said. “Our affordability, when you look at the price point across Missoula compared to median wages, it’s out of sync. It has been for quite some time.”

For now, experts say Missoula’s housing market is finding a new normal. Not the pandemic boom, but not a slowdown either.