Flathead Lake Real Estate - 2023 Sales Report

Flathead Lake Real Estate

2023 Annual Sales Report


The 2023 Flathead Lake real estate market placed fourth for all-time annual waterfront sales volume following three record-breaking years for the market. There were a total of 32 reported sales representing just over $83M in total sales volume for the year.


This is a 37% decline in transactions and a 27% decrease in total volume compared to 2022. While the number and volume of sales dropped significantly from the stratospheric highs of the previous three years, prices still held and even increased. The average sale price on the lake came in at $2.6M, with the adjusted price per waterfront foot off just slightly to $9,394.


While rising interest rates and inflationary pressures have imposed a cooling effect on the primary residential market, the luxury waterfront segment continues to be buoyed by low inventory and sustained demand.



December 2023 Sales:

Pricing and Sales Summary:

The annualized segmentation of sales is represented in the table and graph below. The majority of transactions fell into the sub-$2 million range while there was a relatively equal distribution of transactions in the higher segments. Only four transactions over $5 million represented nearly $28 million dollars in sales.

The table below compares transactions and sales volume for the past two years as distributed across our waterfront communities. The northwest quadrant of the lake saw consistent sales with an overall increase in volume, while the remainder of the lake demonstrated a drop in both sales and volume.

Annual transactions and sales volume are graphed below. For the 15 years leading up the pandemic, the average transaction hovered around $1M for waterfront properties. The dramatic spike in sales beginning in 2020 are punctuated by the additional increase in average prices ($2.6M for 2023). As a result, 2023 still ranks as fourth highest for sales volume, but third lowest for transactions over the past 19 years.

Active Waterfront Listings


Residential and land waterfront inventory continues to hold at record low levels. The combination of record sales over the past 36 months along with lack of motivation for sellers to give up their Montana real estate continues to put downward pressure on inventory.

Residential listings ticked down to 26 this month, and the combined land and residential listing total of 35 listings is significantly down when compared to the pre-Covid era market. In January of 2020 we were carrying 107 total listings on the lake. However, we are carrying more inventory than last year when there were only 17 lakefront residential listings available.

Median residential prices rose to over $5.5M by the end of the first quarter due to a lack of inventory and high-priced listings. As the year went on, lower priced listings introduced to the market dropped the median price to under $4M once again where it has stabilized. Land prices held at just under $1.5M. With such limited inventory of both residential and land listings, median price trends have become somewhat volatile with higher priced listings coming on and off the market.

Based on these data, it appears we have reached a plateau in prices and the sustainable bottom of inventory for the time being.

Flathead Lake Condominium Market
With nearly two dozen waterfront condominium communities around Flathead Lake, there has historically been plenty of options for buyers who want the waterfront lifestyle without having to worry about maintaining a lake home. Below is a summary of currently active and sold units so far this year. The condo market has followed the single-family waterfront market to record low inventories and increasing prices.

December Significant Sale


18645 Goose Bay

2,258 SF, 3BR/,BA

2.94 Acres, 565 Front Feet

List Price $3,999,000

Beautiful Flathead Lake frontage property offering stunning views of the lake and two islands. The main house is a fully remodeled 2-bedroom, 2-bathroom home with a sleeping loft, bonus rec room, large deck, and a wood fireplace providing a cozy and comfortable living space with plenty of room for relaxation and entertainment. There is also a renovated 1-bedroom, 1-bathroom guest house connected to the main house via a breezeway. The 3-lot estate, spans over 2.94 acres with 565 feet of lake-frontage, and offers opportunities for future development or expansion if desired. Offered fully furnished with exception of minor exclusion list and move-in ready.



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