Gallatin County remains a seller’s market, options improve for buyers

This September compared to last year, there has been an increase in inventory and house prices in the Gallatin County real estate market. As the winter months approach, house prices appear to be cooling.

Gallatin County resident Maria is ready to start house hunting again during this time after pausing her house search last year.

“It was very difficult. Although now, with the evolution of the market, it has been much easier and there have actually been options,” says Maria.

Maria is looking for a house in the neighborhoods of Bozeman and Belgrade. She had been looking for it since last year, but the market was too overwhelming so she took a break hoping the market would calm down.

“I had very few options and I think we did, once we made an offer, and there were like 20 other offers; mine wasn’t even considered,” says Maria.

This time around, Maria notices a difference not only in house prices, but also in what she can get in her price range compared to her hunt last year.

“There are more options when it comes to where I want to move, but I kind of noticed the difference and the amount of space I can get for my budget is very different,” says Maria .

According to the Gallatin Association of Realtors (GAR), single-family home prices have risen 25.9% since last September, from $690,000 to $869,000. The time homes spend on the market has also increased, from around 14 days to 34 days. Broker Jackie Wickens says that although prices seem high, things are starting to settle.

“Interest rates are rising and with the pandemic easing we are starting to see prices come down,” says broker Jackie Wickens.

GAR President Joanna Harper says homes still sell quickly and at high prices, but in these winter months there will be less competition to buy homes compared to the multiple property offers she has. seen during the summer months.

“They made the decision to take less than their full list price because they’re interested in getting a contract and moving forward,” Harper explains, “whereas earlier this year they didn’t probably wouldn’t have had to make any concessions. Now the reality is that they do.

Now sellers have to compete and negotiate more.

“Now there’s not the same kind of competition between buyers and sellers, so there’s a bit of competition with each other,” says Harper.

With lower prices, Harper says it’s technically still a seller’s market.

“Technically, yes, we’re still in a seller’s market,” says Harper, “But realistically, buyers have more power today than they did six months ago. Less than six months of inventory means that the power differential works in favor of the seller.

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