Mid-Year Market Update

Real Estate
July 24, 2023by Sarah Day
For residential properties in Gallatin County as of June 2023, compared to June 2022
Compared to this time last year we overall have less inventory, new listings and closed sales. Median days on market has gone up. However, market activity continues to increase month to month. Since May 2023 the median sales price has increased 5%, the amount of new listings is up 9.5% and closed sales increased by 11.8%.

Due to the low inventory we remain in what I’d consider a “seller’s market” for single family homes in price points under $1,500,000 and for condos/townhomes under $900,000. In price points above this we have closer to 12 months of inventory, giving buyers more options and possible negotiating power.

Let me know if you have any questions or would like me to send you stats for a particular property type or location!
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