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Bozeman’s residential real estate market continued to see high prices and low inventory this month, and homes sold twice as fast as a year ago.

The median price for a single-family home in June was $720,000, a 49% increase from June 2020, according to a monthly real estate report from the Gallatin Association of Realtors.

June’s prices saw the highest monthly median price in 2021 for single-family homes in Bozeman, with March’s median price of about $704,000 coming in second.

With prices high, single-family homes sold more than twice as fast last month compared to June 2020. The average number of days for a home to be on the market was 22 days, compared to 55 last year.

Despite that, homes were still selling slower in June compared to any other month in 2021. Homes sold fastest in April and were listed on the market for an average of nine days that month.

Condos and townhouses saw a similar trend, but were selling faster than single-family homes in June and staying on the market for an average of eight days.

The price for a condo or townhouse increased 58% since June 2020, for a median price of $452,500.

With high prices, inventory remained at record lows, said Lacy Browne, board president for the Gallatin Association of Realtors in a press release.

The inventory of available single-family homes in June 2021 was nearly 48% lower than last year, with only 47 homes available. Similarly, available inventory for condos and townhomes dropped 76% from 136 in June 2020 to 32.

“The market has been hot, just like our weather,” Browne said.

Sellers also got more than their asking price for homes, according to the report, netting 102.6% of asking price for townhomes and condos and 103.0% for single-family homes.

Bozeman’s real estate market mirrored what much of Gallatin County is experiencing, according to the report. However, the county overall did see more new listings this June compared to last year, from 235 to 241.

Though the number of new listings increased for single-family homes, the report shows supply did not meet demand. Available inventory for single-family homes decreased by 42%, and by 82% for condos and townhomes for the county.

“We expect these trends to continue as long as interest rates remain low, and the housing supply remains short nationally,” Browne said.

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Juliana Sukut can be reached at 582-2630 or jsukut@dailychronicle.com

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