2026 Q3 Market Update

Happy Fall! It’s hard to believe it’s November but with the snow on the ground it reminds us that winter is on the way. So what’s been going on in the market since spring? The answer varies between locations and price points. Overall we’re experiencing a more balanced market with 4.4 months of inventory of all residential types in the Gallatin Valley. Properties are selling on average of 97.7% of asking price. Overall, the median price has gone down about 3% from this time last year.

Since this summer, we have seen a more prominent slow down in activity of properties under $1,000,000. Buyers in this range are more likely to require financing and be impacted by the changing interest rates, where as buyers in higher price points often have cash on hand available. This might be why we’ve seen an increase in the median price of properties in Big Sky (up 99% from September of 2025 to $3,125,000) but a decrease in the median price of single-family homes in Bozeman and Belgrade (down 9.3% to $769,500 and 4.2% to $608,924, respectively).

Sellers have lowered prices and offered credits at closing to bridge the gap between their goals and buyers’ willingness to purchase. Closed sales are up overall over 27% from September 2025, proving that despite higher interest rates and noise in the market, there is still strong buyer demand.

The rest of the year is likely to be in line with activity since this summer – continued demand but more negotiation between buyers and sellers. Whenever interest rates do go down again there will be increased competition in the market that’s likely to drive up purchase prices – so if you’re a buyer, now is a great time to get into a property and utilize seller credits to buy down your interest rate.

Have any questions or thoughts on this market? Reach out anytime!