01/12/2026
2025 REVIEW and 2026 LOOK AHEAD
"As we close the books on 2025, the Great Falls Association of REALTORS® wants to share a clear snapshot of where our local housing market stands—and what we expect as we move into 2026.
2025 was a year of adjustment, not collapse.
Across our service area, elevated mortgage rates and affordability pressures cooled buyer activity, but the market remained resilient. Closed sales declined modestly, while inventory increased significantly, giving buyers more choices and easing the extreme seller-driven conditions of recent years. Median home prices rose slightly to $347,000, reflecting stabilization rather than rapid appreciation.
Several key trends defined 2025:
Inventory increased sharply, up more than 90% year-over-year, signaling a move toward a more balanced market.Homes took longer to sell, reinforcing the renewed importance of accurate pricing and strong preparation.Prices continued to rise, but at a slower pace, indicating normalization rather than overheating.Townhomes and condos saw notable price growth, highlighting ongoing demand for more attainable housing options.
Importantly, sellers still received approximately 98% of list price on average, demonstrating that well-priced homes continued to perform even in a shifting environment.
Looking ahead to 2026, the outlook is cautiously optimistic.
Mortgage rates eased in the second half of 2025 and are expected to remain in the mid-6% range. As rates stabilize and inventory continues to build, economists anticipate:
Modest increases in sales activity,Slower, more sustainable price growth, andImproved—but still challenged—affordability due to long-term housing supply shortages.
In short, 2026 is expected to be a year of stabilization and recovery, not dramatic swings. Buyers should find more options and less urgency, while sellers will benefit from thoughtful pricing and professional guidance.
At GFAR, our REALTORS® remain committed to helping consumers navigate these conditions with accurate information, local expertise, and a steady focus on long-term housing health for our communities.
If you have questions about the market or what these trends mean for you personally, we encourage you to connect with a local REALTOR®—your trusted housing professional." (Zac Griffin, GFAR CEO)