Butte, MT Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Butte, MT Housing Market Trends

With 34,494 people, 14,730 houses or apartments, and a median cost of homes of $242,305, Butte real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Butte, accounting for 72.82% of the city's housing units. Other types of housing that are prevalent in Butte include large apartment complexes or high rise apartments ( 13.09%), duplexes, homes converted to apartments or other small apartment buildings ( 6.24%), and a few mobile homes or trailers ( 6.02%).

Dwellings in Butte tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.09% of the homes in Butte have two or fewer bedrooms.

The housing in Butte was primarily built before 1939 ( 36.92%), making the housing stock in Butte some of the oldest overall in America, although there is a range of ages of homes in Butte. The next most important housing age is between 1940-1969 ( 28.35%), followed by between 1970-1999 ( 26.70%). There's also some housing in Butte built between 2000 and later ( 8.03%).

Vacant housing appears to be an issue in Butte. Fully 13.11% of the housing stock is classified as vacant. Left unchecked, vacant Butte homes and apartments can be a drag on the real estate market, holding Butte real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Butte Home Appreciation Rates

Appreciation rates for homes in Butte have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 82.48%, which ranks in the top 30% nationwide. This equates to an annual average Butte house appreciation rate of 6.20%.

Appreciation rates are so strong in Butte that despite a nationwide downturn in the housing market, Butte real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Butte appreciation rates continue to be some of the highest in America, at 25.19%, which is higher than appreciation rates in 94.41% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Butte. Butte appreciation rates in the latest quarter were at 3.91%, which equates to an annual appreciation rate of 16.58%.

Importantly, this makes Butte one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Montana, our data show that Butte's latest annual appreciation rate is lower than 60% of the other cities and towns in Montana.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Butte differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Butte - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Butte real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$242,305

Butte, MT HOME PRICES

> $1,474,000
$1,106,001 - $1,474,000
$737,001 - $1,106,000
$590,001 - $737,000
$442,001 - $590,000
$295,001 - $442,000
$147,001 - $295,000
$74,001 - $147,000
$0 - $74,000
0.7%
0.7%
0.7%
0.7%
1.3%
1.3%
3.7%
3.7%
6.5%
6.5%
18.1%
18.1%
40.0%
40.0%
20.8%
20.8%
8.2%
8.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Low for MT

Value Relative To Nation

Number Of Homes And Apartments:
14,730

Butte Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MT*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
172.79% 4.61%
3
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,139 / per month

Homeownership Rate

Owners
Renters
Vacant
66.7%
66.7%
33.3%
33.3%
13.1%
13.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
8.0%
8.0%
26.7%
26.7%
28.4%
28.4%
36.9%
36.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
72.8%
72.8%
1.8%
1.8%
6.2%
6.2%
13.1%
13.1%
6.0%
6.0%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
6.1%
6.1%
12.4%
12.4%
30.6%
30.6%
29.4%
29.4%
14.1%
14.1%
7.4%
7.4%
0.0% 100.0%
% OF HOMES