Real Estate Outlook & Forecast for 2021

With the year coming to a close, it's time to turn our attention to 2021. This past year was a good one for real estate across the country and certainly here in the Bozeman area, where housing prices continue to increase.

Here is Windermere Real Estate's Chief Economist Matthew Gardner with his forecast for interest rates and housing prices in 2021.

Here's the latest Gallatin County real estate numbers from November provided by the Gallatin Association of Realtors (GAR).

Single Family Market – November 2020 vs November 2019

• Median sales prices are up 46.4% from $420,000 to $615,000.
• Closed sales increades 39.1% frp, 110 to 153.
• Pending sales jumped almost 20% from 89 to 106.
• New single-family listings are up 21.3% from 75 to 91.
• Avg. days on the market went up 14.6% from 41 to 47.
• Sellers received 99.2% of their list price in November, up slightly from 97.9% last year.
• The inventory of homes for sale decreased considerable. It's down 66.6% from last November, 467 to 156.
• The months supply of inventory decreased 71.4%, from 3.5 to 1.0 compared to last year.

Condo/Townhouse Market – November 2020 vs November 2019

• Closed sales are up 39.1% from 69 to 96.
• Pending sales went up nearly 11% from 65 to 72.
• Median sale prices for condos & townhomes increased 4.5% from $330,000 to $344,975.
• New listings shot up 67.4% from 43 to 72.
• Average days on the market declined by 10% from 60 to 54.
• Sellers received 99.3% of their listing price this November, which is up 1%
• Inventory of condos/townhomes is down 62.6% from 281 to 105.
• The months supply of inventory decreased 75.6% from  from 4.1 to 1.0 compared to November of 2019.

If you have questions about the Bozeman real estate market, or if you're looking to buy or sell a home in the Gallatin Valley, contact Dina Emmert at Your Home Team at Windermere Real Estate. Email her at Dina@Windermere.com or call 406.580.7029.