2024 Year End Market Update

Happy New Year! I hope you’re enjoying all the snow we’ve been getting here in the Gallatin Valley. The market was noticeably quiet around the holidays as expected but activity has already seemed to pick up in the new year. So what did the market look like at the end of 2024?

We continued to see the trend of homes staying longer on the market, up 48.2% from this time last year to a median of 63 days. The one segment where this is not the case is single family homes in Bozeman city limits which actually saw a decrease in median days on market to only 31 days.

Overall homes are selling for over 97% of asking price but we continue to see some price reductions. We are also seeing an increase of sellers giving buyer credits at closing for closing costs and prepaids. These can be extremely helpful to buyers as it means they have to bring less cash to the closing table and sometimes means they can buy down their interest rate and save on their monthly payment.

The median sales price of all residential types in most areas is down slightly from this time last year but also down from the end of Q3 2024. Ending inventory is up across all areas and property types from last year, continuing to give buyers more options in all price points.

What will 2025 bring? I expect we’ll start to see more activity as we get further into the year. There are great opportunities for both buyers and sellers, you just need a good plan and support system for both! If you have any questions or want to talk more about this don’t hesitate to reach out.