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In Gallatin County, high home prices and low inventory expected in the new year

Sales of previously owned homes jumped more than 20% in September from a year earlier, but sales of homes costing more than $1 million more than doubled.
Justin Sullivan
Getty Images
Demand is up and housing inventory is still tight in Gallatin County.

Gallatin County continues to see high home prices and a strong demand for what little inventory is available.

In its last monthly market update of 2021, the Gallatin Association of Realtors says the median sales price for a single family home in Gallatin County jumped to $732,500 — up 18% from the median price of $620,000 in 2020.

In November, single family homes and condos were on the market for less than a month. GAR says there was 26% less home inventory and 60% less condo and townhouse inventory than the same month in 2020.

In a statement GAR Board President Lacey Browne says she anticipates these housing trends to continue in the new year.

“Because demand remains high and inventory is remarkably tight, we may see snow falling this time of year, but the housing prices continue to rise while homes still move off the market rapidly,” she said.

Olivia Weitz covers Bozeman and surrounding communities in Southwest Montana for Yellowstone Public Radio. She has reported for Northwest News Network and Boise State Public Radio and previously worked at a daily print newspaper. She is a graduate of the University of Puget Sound and the Transom Story Workshop.