May 2026 Market Update — Gallatin Valley
May closed with transaction volume up across most markets and pricing holding steady. Here’s the breakdown.
Gallatin County
178 homes closed in May, up 6.6% from 167 in May 2025. The median sales price came in at $665,000, up 2.3% year over year. Sellers averaged 98.1% of their final list price. The sold price per square foot held at $355 across all property types, down 0.7% from May 2025.
The segment breakdown tells a more specific story. Single-family homes accounted for 108 closings, down 1.8% from May 2025, at $373/sqft, up 1.2% year over year. Condos came in at 56 closings, up 64.7% from 34 in May 2025, at $335/sqft, down 2.5%. Townhomes saw 14 closings, down 39.1% from 23 in May 2025, at $321/sqft, down 5.0%. The overall county volume increase was driven almost entirely by the condo segment. Single-family was essentially flat, and townhomes pulled back. Price per square foot held strongest in single-family, the only segment to show year-over-year gains on that metric.
Bozeman
117 homes closed in May, up 10.4% from 106 in May 2025. The median sales price came in at $699,999, up 0.2% year over year. Sellers averaged 98.2% of list, up from 97.5% in May 2025. Sold price per square foot came in at $360, down 1.2% from May 2025. Days on market averaged 39 days, down 7.1% from 42 days in May 2025. Supply of inventory sits at 3.7 months, below the NAR balanced market threshold of 4 to 6 months.
Greater Big Sky
9 properties closed in May, up 28.6% from 7 in May 2025. The median sales price came in at $1,300,000, up 23.8% from $1,050,000 in May 2025. Big Sky’s monthly median moves considerably on low volume, so the range matters more than any single month’s figure. Sellers averaged 96.3% of list, down from 96.9% in May 2025. Sold price per square foot came in at $666, down 38.3% from $1,080 in May 2025 — a figure driven by the mix of product closing in any given month, not a directional price shift. Days on market averaged 111 days, down 19% from 137 in May 2025. Supply of inventory came in at 10.8 months, down 26.8% from 14.7 months in May 2025.
At a Glance — May 2026
Gallatin County by Property Type
Single Family: 108 closings (-1.8%) | $373/sqft (+1.2%)
Condo: 56 closings (+64.7%) | $335/sqft (-2.5%)
Townhome: 14 closings (-39.1%) | $321/sqft (-5.0%)
Outlaw Realty | Big Sky & Bozeman
