Spring has sprung (at least in the Montana-sun-and-snow-kind-of-way) and we’re quickly heading into the busy summer real estate market. It looks like we’re approaching a more balanced local market than we’ve had in the past few years and we’re forecasting an active, positive real estate market here in Southwest Montana this season! Let’s dive into the first quarter statistics in some our local markets.

Single Family Homes in Gallatin Valley

The median sales price for single family homes in Bozeman city limits stayed steady at $749,000 and increased slightly by 28% in Bozeman area. Belgrade also stayed level at $557,000, while in Manhattan/Three Forks prices increased slightly by 11%. In the first quarter, 59 homes were sold in Bozeman city limits, 69 in Bozeman area, 33 in Belgrade and 17 in Manhattan/Three Forks for a total of 178 homes, which is down slightly from last year’s 193. Our active listings in Bozeman and Bozeman Area were up from 135 last year to 144, in Belgrade up from 26 to 52 and in Manhattan/Three Forks down from 60 last year to 33 this year.

Condos and Townhouses in the Gallatin Valley

The median price for condos/townhouses in the Bozeman area increased 11-14%. Belgrade had just a 2% decrease from this time last year. The number of condos and townhomes sold in the Bozeman area increased from 65 to 76 but decreased from 26 to 19 in Belgrade. We’ve seen a number of new condo/townhouse developments in Bozeman the past year which is reflected in the active listing stats - up from 59 in the Bozeman area in 2023 to 138 this year! Active listings are also up in Belgrade from 13 to 17.

Park County 

The median single family home prices for Park County increased by 4%. The number of homes sold is the same as last year at 23 homes and Park County’s active listings increased from 41 to 47. The median price of condos and townhomes in Park County increased 13% from last year. The number of sold condos and townhomes increased this year from 3 to 13 and the active listings increased from 1 to 11.

Big Sky

The Big Sky market saw a strong uptick in the number of single family homes sold in the first quarter with 18 versus 5 the previous year. Big Sky had 29 condos closed, up from 18 last year. 

Notably, 14 were new construction, with a price ranging from $2,350,000 to $8,608,000. 

Ennis

If land is what you’re looking for, In the Madison Valley and Ennis markets, there are ample opportunities for land purchase with 125 currently available.  We had the same amount of properties close this first quarter as last year. 

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Our first quarter statistics are showing a steady market with median home prices and number of closed sales very close to those from this time last year. We’re seeing an uptick in Bozeman and Livingston active listings, likely due to new construction - especially in the condo/townhouse market. Real estate is hyper local and activity can change from region to region, so please reach out if you have any questions about what’s happening in your neighborhood!