Gallatin County Real Estate Shows Strong Start in 2021

Gallatin County's residential real estate market has continued to hold strong in January 2021. The market saw median sales prices at their highest levels in over a decade in 2020 and those strong trends are continuing in the new year. January saw increased prices with inventory continuing to shrink, according to recent data released from the Gallatin Association of Realtors.

“Last year’s trends continued in January, with strong demand, higher prices, and a tight inventory of available properties. Homes are spending significantly less time on the market, and sellers are receiving nearly 100% of their asking price. We expect the market to maintain this momentum in the coming months,” said Lacy Browne, GAR Board President.

January 2021 Numbers (Compared to Last Year)

Single-Family Market – Gallatin County

New listings decreased 4.8% in January compared to last year, from 105 to 100.
Pending sales were down 10%, going from 120 to 108.
Closed sales decreased 23.8%, from 101 to 77.
Average days on market decreased 62.7%, from 75 to 28.
Median sales price increased 24.4% from $450,000 to $560,000.
Sellers received 99.7% of their list price, up from 97.5% last January.
The inventory of available homes dropped 66.8%, from 364 to 121, while, the months’ supply of inventory fell 70.4%, from 2.7 to 0.8.

Condo/Townhouse Market – Gallatin County

New listings decreased 32% in January 2020 compared to last year, going from 100 to 68.
Pending sales decreased 5.9% from 85 to 80. Closed sales increased 36.2 %, from 47 to 64.
Closed sales increased 36.2 %, from 47 to 64.
Average number of days homes spent on the market decreased 29.9%, from 77 to 54.
Median sales prices increased 9%, from $338,000 to $368,500.
Sellers received 99.9% of their list price, a 1.7% increase over last year’s 98.2%.
The inventory of available homes dropped 71.9%, from 278 to 78, and the months’ supply of inventory fell 81.6%, from 3.8 to 0.7.

Photo courtesy of the Gallatin Association of Realtors

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.