Willson 16 Real Estate

Construction continues on the row of new duplexes on North Willson Avenue on Oct. 20.

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Throughout 2020, the cost of buying a home in Gallatin County grew in short jumps and long, slower periods of growth, but one thing is for certain: It didn’t get any less expensive, and demand outpaces supply more often than not.

Comparing all of 2019 to 2020 overall, the cost of a single family home grew by 19.6%, from a median sales price of $439,000 in 2019 to $524,900 in 2020.

That’s according to the Gallatin Association of Realtors’ Jan. 21 news release announcing both the release of the December market numbers and the 2020 market numbers.

While $524,900 is the median single-family home price for the year overall, the current median price is much higher.

The median sales price for a single-family home in the county in December was $699,000, up 60.7% from $435,000 the previous December.

“Last year was full of unknowns, but our market remained strong in the face of 2020’s challenges,” said Gallatin Association of Realtors board president Lacy Browne. “Median sale prices are at their highest levels in more than a decade.”

For condos and townhomes, the median sales price of $335,000 for 2020 was 5% higher than 2019, when the median sales price was $319,000.

Similar to single-family homes, the median sales price for 2020 is much lower than the median sales price for the final month of the year.

That price for townhomes and condos was $412,200, up 43.1% from December 2019’s $288,000.

As is now the status quo in the Gallatin Valley, demand for homes far outpaced the available supply. Browne said the months’ supply of inventory has hit record lows, and that and the increasing price is expected to continue in 2021.

The number of pending sales in 2020 increased 15.5% between 2019 and 2020, and the average days on the market and new listings both decreased slightly.

For condos and townhomes, pending sales increased 50.8% during the same time frame, though the number of days on the market increased about 21%, from 52 days in 2019 to 63 in 2020.

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Melissa Loveridge can be reached at mloveridge@dailychronicle.com or at (406) 582-2651.

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