Local data suggests real estate market stabilizing

Despite home prices still increasing, the real estate market in Gallatin County is trending toward a more typical market, according to local real estate data.

Fewer homes sold last month, homes spent a longer time on the market and buyers got slightly less of their asking prices compared to this time in 2021, according to a monthly real estate report from the Gallatin Association of Realtors.

In Gallatin County, the median sales price for a single-family home in November was $768,713, a 4.6% increase from 2021’s median of $735,000.

On average, homes stayed on the market for 55 days in November, selling much slower than this time last year. In November 2021, homes sold on average in 12 days.

The end-of-month inventory of homes also increased substantially compared to last year. There were 323 homes for sale, compared to just 139 last year.

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The months-supply of inventory, which is an estimation of the time it would take for all homes on the market to be sold, increased from 1 month in 2021 to 4.6 months this November.

Realtors this summer pointed to higher inventory as a sign the market may be cooling

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