All through 2020, the price of shopping for a house in Gallatin County grew briefly jumps and lengthy, slower durations of progress, however one factor is for sure: It didn’t get any inexpensive, and demand outpaces provide as a rule.
Evaluating all of 2019 to 2020 total, the price of a single household residence grew by 19.6%, from a median gross sales value of $439,000 in 2019 to $524,900 in 2020.
That’s in keeping with the Gallatin Affiliation of Realtors’ Jan. 21 information launch asserting each the discharge of the December market numbers and the 2020 market numbers.
Whereas $524,900 is the median single-family residence value for the yr total, the present median value is way larger.
The median gross sales value for a single-family residence within the county in December was $699,000, up 60.7% from $435,000 the earlier December.
“Final yr was stuffed with unknowns, however our market remained robust within the face of 2020’s challenges,” stated Gallatin Affiliation of Realtors board president Lacy Browne. “Median sale costs are at their highest ranges in additional than a decade.”
For condos and townhomes, the median gross sales value of $335,000 for 2020 was 5% larger than 2019, when the median gross sales value was $319,000.
Just like single-family properties, the median gross sales value for 2020 is way decrease than the median gross sales value for the ultimate month of the yr.
That value for townhomes and condos was $412,200, up 43.1% from December 2019’s $288,000.
As is now the established order within the Gallatin Valley, demand for properties far outpaced the out there provide. Browne stated the months’ provide of stock has hit report lows, and that and the rising value is predicted to proceed in 2021.
The variety of pending gross sales in 2020 elevated 15.5% between 2019 and 2020, and the common days in the marketplace and new listings each decreased barely.
For condos and townhomes, pending gross sales elevated 50.8% throughout the identical timeframe, although the variety of days in the marketplace elevated about 21%, from 52 days in 2019 to 63 in 2020.
