An April report from a local Realtors association found that the median price for homes in Gallatin County was up 22% compared to this time last year.
In Gallatin County, the median sales price for a single family was $811,250, according to the Gallatin Association of Realtor’s monthly market report.
That’s a 22% increase from April 2021’s median sales price of $659,850. When comparing April 2022’s median price to April 2020, the difference is even starker with an 84.3% increase.
The national median for single family homes is about $391,200, according to the National Association of Realtors.
While the monthly report doesn’t measure rent prices month to month, a recently published annual housing report from GAR found that monthly rent increased 11% in 2021 from 2020.
According to the report, the rental vacancy rate in 2021 was at 2.1%. A balanced vacancy rate is 5% to 8%.
Homes sold quickly in April, according to GAR, with single family homes spending an average of 15 days on the market.
“Our market remains extremely competitive, with homes selling quickly and sellers receiving more than asking price,” said Joanna Harper, GAR board president said in a press release.
Condos and townhomes similarly saw a hike in median prices in Gallatin County this April. Median sales prices rose 58.4%, from $385,000 to $610,000. Sellers received 101% of their list price, according to the report.
Within Bozeman’s city limits, homes for sale were slightly more expensive than in the county overall.
For Bozeman, median sales prices for single family homes increased about 25%, from $667,500 in April 2021, to $837,500 this April.
Inventory within city limits was much lower than within the county, with only 31 homes listed for sale during the month of April. That’s compared to 156 in the county.
Condos and townhomes were slightly cheaper within city limits than in the county, with a median price of $600,000.
“All indicators point to a continued seller’s market, with many sellers fielding multiple offers. It’s clear that there continues to be strong demand for homes in our area,” Harper said.