First Quarterly Report of 2026
This master report combines analysis of 1,590 properties across Montana’s MLS system over a two-year period (February 2024 – February 2026), covering both multifamily residential and all commercial property types. Together, these sectors represent $652,782,204 in closed transaction volume — a comprehensive view of Montana’s investment real estate landscape.
Key insight: Montana’s combined investment real estate market closed $652.8M over two years. Commercial properties average higher individual deal sizes ($912K vs $606K), while multifamily trades more frequently with faster absorption (114 vs 263 days on market). Together, they paint a picture of a robust, diversifying market attracting both local and institutional capital.
Multi-family Market Analysis
The 2-Year Story
Montana’s multifamily market has shown steady, accelerating momentum over the past two years. From a relatively quiet Q1 2024 (18 sales, $10M volume), the market has built quarter-over-quarter, culminating in a strong Q4 2025 with 63 closings and $38.4M in volume — the highest quarter in the dataset. Missoula dominates with $70.7M in closed volume (33% of all activity), followed by Helena ($34.5M), Kalispell ($22.9M), and Great Falls ($21M). These four markets account for 70% of all Montana multifamily transactions. The sweet spot is $500K–$1M, representing 44% of all closed deals (154 sales). Duplexes lead in transaction count (208 total), but apartments drive the dollar volume. Average days on market trended down from 117 in 2024 to 108 in 2025, signaling increasing buyer demand. Currently, 120 active listings and 35 pending/under contract suggest healthy pipeline activity heading into spring 2026. Early 2026 data (17 sales, $13.2M, avg $776K) suggests average deal size is climbing…
Commercial Market Analysis
The 2-Year Story
Montana’s commercial real estate market delivered $439.6 million across 482 transactions — a substantial market with clear momentum. Q4 2025 was the standout: $106.2M in volume across 74 deals at $1.44M average, signaling institutional-scale capital flowing into Montana. The Flathead Valley leads in dollar volume: Kalispell ($87.9M), Whitefish ($37M), Columbia Falls ($25.2M), and Bigfork ($13.8M) combine for $163.9M — 37% of all Montana commercial volume. Missoula ($72.5M) and Helena ($39.3M) remain the state’s largest traditional CRE markets. Supply is elevated with 500 active listings and 57 pending. Average DOM at 263 is typical for commercial due diligence cycles but compressed from 271 to 235 between Q4 2024 and Q3 2025.
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