With median sale prices the highest in a decade and sellers almost always receiving their asking price, Gallatin County's residential housing market finished out 2020 strong, according to the Gallatin Association of Realtors.

“Last year was full of unknowns, but our market remained strong in the face of 2020’s challenges,” said Lacy Browne, GAR Board President. “Median sale prices are at their highest levels in more a decade, the months’ supply of inventory has continued to hit record lows, and sellers are receiving more than 99% of their asking price. We expect the market’s momentum to continue into 2021.”

2020 Year-End Numbers

Single Family Market – Gallatin County

  • Pending sales increased 15.5%, from 1,604 to 1,852.
  • Closed sales increased 16.7%, from 1,572 to 1,835.
  •  Average days on market decreased 3.3%, from 60 to 58.
  • Median sales price increased 19.6%, from $439,000 to $524,900.
  • Sellers received 98.9% of their list price, up slightly by 0.5%, from 2019 at 98.4%.
  • New listings decreased from 1,992 to 1,881, a 5.6% drop.

Condo/Townhouse Market – Gallatin County

  • New listings increased 13.7% compared to 2019, rising from 1,079 to 1,227.
  • Pending sales increased 50.8%, from 838 to 1,264, while closed sales increased 32% from 838 to 1,106.
  • Average days on market increased 21.2%, from 52 to 63.
  • Median sales prices increased 5%, from $319,000 to $335,000.
  • Sellers received 99.2% of their listed prices compared to 98.6% in 2019.

December 2020 Numbers

Single Family Market – Gallatin County

  • New listings decreased 8.5% in December compared to last year, from 71 to 65.
  • Pending sales were down 7.7%, going from 91 to 84.
  • Closed sales jumped 39.2%, from 97 to 135.
  • Average days on market decreased 7.5%, from 67 to 62.
  • Median sales price jumped 60.7% from $435,000 to $699,000.
  • Sellers received 99.2% of their list price, up from 98.2% last December.
  • Inventory of available homes dropped 67.3%, from 404 to 132, while, the months’ supply of inventory fell 70%, from 3.0 to 0.9.

Condo/Townhouse Market – Gallatin County

  • New listings increased 37% in December 2020 compared to last year, going from 54 to 74.
  • Pending sales more than doubled, jumping from 43 to 92, a 114% increase.
  • Closed sales increased 19.4%, from 67 to 80.
  • Average number of days homes spent on the market increased 34.2%, from 38 to 51.
  • Median sales prices jumped 43.1%, from $288,000 to $412,200.
  • Sellers received 99.7% of their list price, a 1.1% increase over 98.6%.
  • The inventory of available homes dropped 67.3%, from 266 to 87, and the months’ supply of inventory fell 78.9%, from 3.8 to 0.8.

If you have questions about the Bozeman real estate market, or if you're looking to buy or sell a home in the Gallatin Valley, contact Dina Emmert at Your Home Team at Windermere Real Estate. Email her at Dina@Windermere.com or call 406.580.7029.

Little Wolf Road House, Bozeman, MT