A new housing report by the Gallatin Association of Realtors shows a shift toward higher density development.
The Gallatin Valley Housing Report shows in 2020 and 2021, more permits were issued in the county for multifamily housing units than single-family homes for the first time in the past 11 years.
Density trends are also being seen in new construction sales: Condo sales increased from 2020-21 while single family housing units sales went down.
Gallatin Association of Realtors Board President Joanna Harper says building up is a good strategy in a housing market with low inventory, but it puts continued pressure on single-family home prices.
“It really puts the people who are in the position to buy a single-family home into a smaller pool of available properties, and so prices should continue to increase in single-family even if we saw a tremendous increase in multi family inventory,” she said.
In 2021 the median price for a single family home in Gallatin County was $685,000. According to the Gallatin Valley Housing report that’s about 3 times what a home cost a decade ago.
