Gallatin County Real Estate Prices Remain Up; Inventory Low

The latest real estate numbers are out for the Gallatin County, and just about all of the numbers continue to go up with the exception of inventory, which is actually helping to drive up those numbers.

According to the Gallatin Association of Realtors (GAR), inventory of homes for sale continues to remain slim. Comparing September 2020 to September 2019, inventory of available single-family homes decreased significantly. The same is true in the condo/townhome market.

“The weather may be cooling off, but Gallatin County’s real estate sales are still hot,” said Claire Gillam, GAR Board President. “In September, we saw big jumps in closed sales and pending sales, and median sale prices are also up. In addition, the months supply of available inventory is as low as I’ve seen it. Our market is in strong shape as we move into winter.”

Here are the real estate numbers for September 2020 in Gallatin County compared to September 2019.

Single Family Market – Gallatin County – September 2020

• Sales price for a single-family home is up nearly 19% from $462,000 (Sept 2019) to $550,000 (Sept 2020).
• Closed sales are up almost 50% from 130 (Sept 2019) to 191 (Sept 2020). Pending sales are up 56.6%
• Inventory has dropped 60% from 537 available homes for sale (Sept 2019) to 214 Sept 2020).
• Average days on the market is up from 37 to 58 from September of last year.
• Sellers received 99% of their list price in September 2020, up from 98.4% last year.

Condo/Townhouse Market – Gallatin County – September 2020

• Closed sales are up 137%. 62 sales were closed last September compared to 147 this September (2020).
• The median sales price is up slightly from $321,250 (Sept 2019) to $326,000 (Sept 2020).
• Inventory is down from 335 (Sept 2019) to 129 (Sept 2020). That's a drop of 61.5%.
• Number of new listings is also down to 74 from 103.
• Average days on the market is up in Sept. 2020 to 63. Last Sept. it was 36.
• Sellers received 100.2% of their listing price (2020), up 1.4% from last year (Sept 2019).

For more local real estate info visit GallatinRealtors.com.