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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 59,638 people, 25,194 houses or apartments, and a median cost of homes of $167,994, Great Falls 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 Great Falls, accounting for 62.93% of the city's housing units. Other types of housing that are prevalent in Great Falls include large apartment complexes or high rise apartments ( 17.24%), duplexes, homes converted to apartments or other small apartment buildings ( 10.01%), and a few mobile homes or trailers ( 6.36%).
People in Great Falls primarily live in small (one, two or no bedroom) single-family detached homes. Great Falls has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Great Falls's housing was primarily built during this period, from the '40s through the '60s. A full 47.88% of the city's housing hails from this era. Other housing ages represented in Great Falls include homes built between 1970-1999 ( 27.84%) and housing constructed before 1939 ( 16.42%). There's also some housing in Great Falls built between 2000 and later ( 7.85%).
In the last 10 years, Great Falls has experienced some of the highest home appreciation rates of any community in the nation. Great Falls real estate appreciated 18.92% over the last ten years, which is an average annual home appreciation rate of 1.75%, putting Great Falls in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Great Falls definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Great Falls that despite a nationwide downturn in the housing market, Great Falls real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Great Falls appreciation rates continue to be some of the highest in America, at 6.37%, which is higher than appreciation rates in 76.95% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Great Falls. Great Falls appreciation rates in the latest quarter were at 2.86%, which equates to an annual appreciation rate of 11.92%.
Importantly, NeighborhoodScout’s exclusive research found that Great Falls's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Montana, our data show that Great Falls'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 Great Falls differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Great Falls - 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 Great Falls real estate investment or home purchase decisions.
|$839,001 - $1,119,000||0.3|
|$560,001 - $839,000||0.7|
|$447,001 - $560,000||2.1|
|$336,001 - $447,000||5.4|
|$224,001 - $336,000||18.6|
|$112,001 - $224,000||52.3|
|$56,001 - $112,000||10.1|
|$0 - $56,000||9.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Great Falls HOMES|
|2000 or Newer||7.9|
|1970 - 1999||27.8|
|1940 - 1969||47.9|
|1939 or Older||16.4|
|TYPE OF Great Falls HOMES|
|Small Apt. Buildings||10.0|
|SIZE OF Great Falls HOMES|
|5 or more bedrooms||8.18|