COMBINED Infographic SingleFam and Condos JunePrices up, inventory down, single-family homes selling quickly

Gallatin County’s residential real estate market saw higher prices and lower inventory in May compared to last year. Additionally, sellers received more than 100% of their list price in both the single family and condo/townhome markets.

“Once again, we’re seeing high prices and historically low inventory,” said Lacy Browne, GAR Board President. “The market isn’t showing any signs of cooling down as summer ramps up, and we expect this competitive sellers’ market to continue for some time.”

Single Family Market – Gallatin County

The number of new listings decreased 16% in May compared to last year, from 206 to 173. Pending sales were down 24.7%, from 190 to 143. The number of closed sales increased 9.4% from 117 to 128. The average days on market decreased 46.2%, from 52 to 28. The median sales price increased 39.2%, from $475,000 to $661,000. Sellers received 101.6% of their list price, up from 98.5% last May. The inventory of available homes decreased 60.9%, from 402 to 157, while the months’ supply of inventory dropped 68.8%, from 3.2 to 1.0.  

Condo/Townhouse Market – Gallatin County

New listings decreased 31.3% compared to last May, from 131 to 90. Pending sales decreased 10% from 110 to 99. The number of closed sales increased 33.3%, from 66 to 88. The average number of days on market increased 17.2%, from 64 to 75. Median sales prices increased 42.4%, from $301,900 to $430,000. Sellers received 102.8% of their list price compared to 98.4% last May. The inventory of available homes dropped 83.8%, from 359 to 58, and the months’ supply of inventory fell 89.8%, from 4.9 to 0.5.

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