Skip to content

GAR's Monthly Update

RELEASE DATE: September 15, 2022

Gallatin County real estate prices and inventory increase during August

Last month, Gallatin County’s residential real estate market saw increased prices and higher levels of inventory compared to August 2021, with homes in both the single-family and the condo/townhome markets spending more time on the market. The number of new listings and the number of closed sales decreased, and sellers have received slightly less than their asking price on average since July.

“We saw the trend continue in August of increasing inventory and prices,” said Joanna Harper, GAR Board President. “The supply of inventory is still relatively low which will maintain a ‘sellers’ market’ dynamic. A result of the low overall number of transactions, the swing of percentages may seem extreme but in practical terms are more modest. Overall, our market continues to see strong prices and low inventory.”

View the most recent updated stats for August here: https://www.gallatinrealtors.com/market-review

Single Family Market – August 2022

As of September 12, Median sales prices increased 10.2% compared to last August, from $705,000 to $777,000. The number of closed sales fell 38.3%, from 175 to 108. The median number of days homes spent on the market increased 362.5%, from 8 days last August to 37 days. The average percent of list price received decreased 3%, from 100.5% to 97.4%. The median price per square foot of homes sold during August increased 15.1% compared to last August, from $325 to $374. Pending sales fell 37%, from 165 to 104. The number of new listings dropped 27%, from 196 to 143. The end-of-month inventory hit 408, up 69.3% from 241 last August. The months supply of inventory, which is an estimation of the time it would take for all homes on the market to be sold, increased 174.3% from 1.4 to 3.8. A months supply of inventory of less that five months is typically considered a seller’s market.

Condo/Townhouse Market – August 2022

Median sales prices increased 12.3%, from $435,795 to $489,500. The number of closed sales fell 53.6%, from 112 to 52. The median number of days homes spent on the market increased 341.7%, from 6 days to 27 days. The average percent of list price received fell slightly by 2.4%, from 101% to 98.6%. The median price per square foot of homes sold increased 7.9%, from $331 to $357. The number of pending sales fell 31.2%, from 93 to 64. The number of new listings dipped 34.9%, from 109 to 71. The end-of-month inventory jumped 117.3%, from 81 to 176, while the months supply of inventory increased 367.9% from 0.7 to 3.4.

The Gallatin Association of REALTORS® (GAR) and the Big Sky Country MLS are the local association level of the largest trade association in the nation, presently serving its members, which are comprised of REALTORS®, Appraisers and Affiliate Members. Chartered in 1959 by the National Association of REALTORS® (NAR), GAR represents the interests of its members in southwestern Montana.

Press Contact: Joanna Harper, GAR Board President

406-600-5464

Joannaharper@remax.net