BOZEMAN- According to the Gallatin Association of Realtors most recent market watch numbers, the median selling price of a single-family home in Gallatin County increased by $86,900 from July 2020 to August 2020.
Within city limits in Bozeman, the month of July’s median single-family home sales price was at $510,000, but in August it jumped to $584,500.
The biggest increase came in the greater Manhattan area where the median single-family home sales price skyrocketed by $115,450.
The President of the Gallatin Association of Realtors Claire Gillam said the need for growth is just one reason why median sales prices are rapidly increasing.
“The big thing for growth is getting approval for the water districts so there’s only a few neighborhoods that haven’t been approved and then the next phase is a ways out so again it’s just these people can push the prices up cause there’s only so much that they can do right at this time,” Gillam said.
According to the U.S. Census Bureau Gallatin County has grown by 27.8% from April 1, 2010 to July 1, 2019.
“We have been like the top ten on everyone’s list so Bozeman was already popular and the Gallatin County in general, but with the COVID and people being able to move wherever they want with their jobs not keeping them in place and now schools not keeping them in place, we’re definitely seeing a big increase of people that we already kind of already started to see and then we have lack of inventory so we’re seeing some pretty high prices,” Gillam added.
Two areas that saw a drop in Gallatin County were Belgrade with a drop of $41,775 and Three Forks with a drop of $1,550 both from July to August of 2020.
You can use the Gallatin Association of Realtors market watch tool here.
More information on the Gallatin Association of Realtors can be found here.