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The cost of buying a home in the Gallatin Valley continued to climb in November, with a 46.4% increase in median sales price of a single-family home between November 2019 and November 2020.
Thatâs an increase of $195,000 in 12 months, from a $420,000 median to a $615,000 median, according to the Big Sky Country Multiple Listing Serviceâs November 2020 market report, released last week.
The increase for townhomes and condos during the same period was less dramatic, jumping by 4.5% from $330,000 in November 2019 to $344,975 in November 2020.
âOur market has yet to slow down this holiday season, showing impressive increase in homes sold and sale prices,â said Claire Gillam, the Gallatin Association of Realtors board president in a news release. âWhile prices and sales are up, the inventory of available homes dropped sharply in November.â
Houses for sale still seem to be on the move in Gallatin County, according to the Gallatin Association of Realtors, but inventory still reminds limited for those looking to buy.
“Our market has yet to slow down this holiday season, showing impressive increases in homes sold and sale prices,” said Claire Gillam, GAR Board President. “While prices and sales are up, the inventory of available homes dropped sharply in November, and sellers are receiving a high percentage of their asking price. All indicators point to a continued seller’s market as we move into the New Year.”
Here s how November 2020 compared with November of 2019.