Montana’s Largest Industry: Agriculture (and How it Relates to Real Estate
In America, agriculturists make up 3% of the population and feed 300 million people three times per day. In Montana, agriculture is the largest industry and contributes billions of dollars to our local economy. It goes without saying that agriculture and real estate coagulate greatly in our Montana market. Looking ahead as we go into a fresh market, and looking at some of the issues within our economy it is important to take into account what is happening globally as well.
Agricultural properties and land are selling at a decreased rate, and we continue to see price decreases in this sector. As harvest begins, we are seeing that commodity prices are decreasing. The real estate market is a direct picture of the economy and agriculture plays a huge role in this.
The fresh market that we are entering looks to be going back to pre-covid status. So as of now we are seeing longer days on market, more price reductions, and an increase in overall market inventory. It can be agreed upon by many professionals that we are headed into a far healthier and stable real estate market. As long as we see no huge dips in the economy and prices level out, that will prove to be true.
As you consider the next move with your property, please contact one of our team members to get an expert opinion on value, marketability, and your options. Mod West Land Company is well versed in all areas of real estate. Let us know how we can help with the selling or purchasing of your property. Visit the CONTACT section of our website to view our team members and their contact information.