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Gallatin Valley real estate market continues to boom in pandemic

Posted at 6:51 PM, Oct 01, 2020
and last updated 2020-10-01 20:51:43-04

GALLATIN VALLEY — It’s not unusual to see a for sale sign in Bozeman. But what may surprise you is the price for housing.

“It’s kind of wild," said Kelly Smith, Bozeman Real Estate Group. "It’s supply and demand right now. So, we have very little inventory and a lot of demand.”

Housing in the Gallatin Valley can be more expensive than a lot of other places. But even in the last few months with a pandemic in full swing, housing here continues to be sought after.

“It’s continued with the same momentum if not has picked up more," said Tom Baker, Bozeman Brokers Real Estate. "Last time we spoke was fresh around that COVID time, and we’ve seen even more growth since.”

From the outside, a high-demand market may seem like the perfect scenario for realtors. But it comes with its challenges.

“For me, it raises my anxiety because I want to get these people into a home that they love," said Smith. "But knowing it can be a battle, and it can be a challenge, so that’s what’s hard.”

The median sale price for a single-family home was just under $576,000 in 2020, compared to last year which was $465,000. The difference of more than $100,000 in a matter of 12 months.

“I hope we can find a medium for the buyers and the sellers and that people that want to get their foot in the door being a homeowner in Bozeman still have that opportunity to, but with people continuing to come here and relocate with minimal space to grow, that just inflates prices," said Baker. "So, hopefully, we can find that medium. I’m not sure if we will.”

Which seems to be a universal agreement.

“I don’t think there is going to be any stopping," said Smith. "I honestly don’t think so.”