Affordable Housing For Sale Sign

A “For sale” sign is posted in front of a housing complex in Bozeman.

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The cost of buying a home in the Gallatin Valley continued to climb in November, with a 46.4% increase in median sales price of a single-family home between November 2019 and November 2020.

That’s an increase of $195,000 in 12 months, from a $420,000 median to a $615,000 median, according to the Big Sky Country Multiple Listing Service’s November 2020 market report, released last week.

The increase for townhomes and condos during the same period was less dramatic, jumping by 4.5% from $330,000 in November 2019 to $344,975 in November 2020.

“Our market has yet to slow down this holiday season, showing impressive increase in homes sold and sale prices,” said Claire Gillam, the Gallatin Association of Realtors board president in a news release. “While prices and sales are up, the inventory of available homes dropped sharply in November.”

For the most part, Bozeman’s housing prices go up and down month to month, with a large increase in price one month and a small decrease the following.

While the market has generally followed that pattern during the pandemic, the increases are larger and more frequent, especially in the single-family market. That’s in part because of the shrinking housing inventory in the Bozeman area.

For example, October’s median sales price for a single family home was $599,950, up from September’s price of $550,000. But August’s median sales price for a single-family home was $575,900, so the median sales price dropped by about $26,000 from August to September and then jumped again from September to October and again from October to November.

The price of a single-family home inside Bozeman’s city limits was slightly less than a home in the county overall in November, with a median sales price of $608,500. Still, that price is an increase of 34.5% over November 2019’s median sales price of $514,422. The prices for townhomes and condos told a similar story, with a November median of $339,500, up 2.9% from 2019’s median sales price of $330,000 but below the median sales price of condos in the county overall.

As is often the case, prices for homes and condos were less expensive than the county median in Belgrade and more expensive than the county median in the Big Sky area.

The median sales price for a single-family home in Belgrade in November was $405,556, up 11.4% from November 2019. For condos and townhomes in Belgrade, the median sales price in November was $307,000, up 16.3% from the year prior.

In the Big Sky area in November, the median sales price of a single-family home was $1.28 million. That’s 8.7% lower than November 2019’s median sales price of $1.4 million. While the price of a single-family home in Big Sky decreased, the price of condos and townhomes increased by 22.6%, going from $558,000 in November 2019 to $717,450 in November 2020.

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

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