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Gallatin Association of Realtors optimistic housing market is starting to change

GAR Housing report .jpg
Posted at 6:10 PM, Apr 22, 2024
and last updated 2024-04-23 12:30:29-04

BOZEMAN — The Gallatin Association of Realtors released its latest report on housing here in Gallatin County, which they say paints a much more optimistic note on the status of the housing market.

“We are seeing changes in the overall housing market,” says Joanna Harper, Gallatin Association of Realtors Housing Report Committee Chair.

Harper says the biggest change in the housing market is more retirees moving and buying.

“We think of Montana State as a draw, bringing a lot of young people into our community. But we're also seeing people who are retiring,” says Harper.

With the median home price in Gallatin County sitting at just under $750,000, many people trying to buy their first home continue to struggle.

“First-time homebuyers are in a really difficult situation because our entry price point here is higher,” says Harper.

She says with the rapid growth in the county, new homes that are coming online are driving the high prices.

The report says that the median price for a newly constructed single-family home is more than $922,670.

“When you hear those really high numbers for median sale price, that's because that population of properties that have been sold represents a large portion of new construction,” says Harper.

The report also focuses on rentals, with some signs of change.

“That story is changing, we have seen a lot of multifamily construction,” Harper says.

The report indicates that the rental prices in Gallatin County are the highest in the state. Sitting at $2,250, Gallatin County's rental rates are 1.7 times more than rents in Montana's largest county, Yellowstone.

Flathead County has the nearest comparable rental rate at just over $2,000.

Community leaders say they are optimistic affordable housing is also beginning to turn a page.

“We are seeing the impact of collaborative efforts to try to bring something into our marketplace,” says Harper.