In Big Sky and across the Gallatin Valley, 2018 proved to be yet another strong year for growth in the local real estate market.
We feel that we will be looking back on 2018 as the year that Big Sky really hit the map both nationally and internationally. The median price for single family homes in Big Sky increased by 27% in 2018 to 1,475,000. The median price for a condo/townhome in Big Sky was $419,000, and increase of 15%. With the expectation of more flights and cities servicing the Bozeman International Airport in the coming years as well as continued development in Town Center and on the Mountain, we’re anticipating even more growth in the Big Sky market in coming years.
It is also interesting to take note of the real estate trends across Gallatin Valley in 2018. In Gallatin County the price range with the most closed sales was $289,000 to $448,999. The price range with the strongest one year change in sales was the $449,000 rage with a 30% increase. The median sales price for residential homes increased from $316,335 in 2017 to $329,000 in 2018.
For our dynamic market report graphs that provide up-to-date information about the latest real estate data in Big Sky visit out market reports page.
Discover all the latest trends in our comprehensive 2018 Big Sky Real Estate Market Report:
Greater Big Sky:
In Big Sky we welcomed another amazing year for growth in the real estate market. In 2018, the gross sales volume surpassed the $300 million mark with 397 closed units. Due to high demand and low inventory, our active listing volume decreased to its lowest mark since 2009.
Single Family Homes
2017 median price: $1,160,000
2018 median price: $1,475,000
Increase of +27%
121 new listings
142 average days on market
Condos & Townhomes
2017 median price: $365,000
2018 median price: $419,000
Increase of +15%
162 new listings
127 average days on market
Days on Market Data
In Gallatin County the price range with the most closed sales was $289,000 to $448,999. The price range with the strongest one year change in sales was the $449,000 rage with a 30% increase.
New Construction
October of 2017 was the peak in new construction inventory across Gallatin County. There has been a 75 unit drop in construction inventory from when it was as its peak. New construction homes received 99.9% of their original asking price, while previously owned homes received 97.9% of their original asking price.
View the graph below for the top ares for new construction in 2018
** All sales as reported in Big Sky MLS – sales outside of Big Sky MLS region (i.e. west of Continental Divide) are excluded. Source of all data in this report is provided by the Big Sky County MLS and is deemed reliable but not guaranteed. This 2018 Big Sky Real Estate Market Report is presented by Amelia and Greg Smith for the benefit of our clients