Red lodge is hustling and bustling with visitors heading to Yellowstone Park or just taking in the mountains. But everyday more and more people are building a life here, and that’s why the housing market is booming. This means expanding the city infrastructure for new housing developments especially to the north.
Sales Associate for Rock Creek Realty John Toler says, “When the infrastructure and the roads are put in up there I think the market ability is just going to escalate very rapidly.” They’ve already begun setting the foundation for 136 news houses near the golf course. They’ll range in price from $200,000-to-$400,000 dollars.
A nearly 15% appreciation rate over the last couple of years means buying a home continues to pay off in the thousands of dollars. Toler continues, “If you have a $200,000 dollar home you’ve just appreciated by $30,000 dollars.”
And those in real estate don’t see that changing any time soon. But it’s not just new construction that’s selling like crazy.
New or old, the housing market is enhancing the economic wellbeing of Red Lodge. Toler says, “Most of the housing is in the $300,000 to $400,000 dollars range. All that does is put more tax money in the city and county tax base.
Sales Associate Pete Critelli says, “Red Lodge is a really terrific community. I’ve been here for nine years and it’s just great. Good schools, good healthcare.” Those in real estate also say if you’re going to buy, this is a good time to do it because of all the new growth.
By Arianne Rapkoch, KULR-8