Fall Housing Report
Golden larches, crisp mornings, and early evenings make this a cozy time of year. While the pace of life slows just a bit, the housing market remains active, with buyers and sellers both finding their stride in today’s conditions. It’s a good time to pause, take stock, and plan ahead before winter truly sets in.
SW Montana Housing Q3 Real Estate Update
Across Southwest Montana, Q3 brought a blend of stability and subtle shifts. Sales volumes rose slightly compared to both last year and the previous quarter, while several local markets continued to post modest year-over-year price gains.
The gradual decline in mortgage rates into the low 6% range sparked renewed buyer activity in late August and September, paired with the typical pre-winter push to secure homes before the snow flies.
Condos and townhomes, however, are taking longer to move, prompting agents to adopt more creative and targeted strategies to reach today’s buyers
Home Sales
In the third quarter of 2025, 947 homes were sold on the Big Sky MLS,
marking a 8.5% increase compared to Q3 2024, and a 12.7% increase from the 840 homes sold in Q2 2025.There were 1,412 new listings this period, down three from Q3 2024, and down 24.8% from 1,877 in Q2 2025.
These numbers reflect the typical Q3 lift in sales and the tapering of new inventory as summer winds down.
Home Prices
The median sales price on the Big Sky MLS was $590,000, down 1.98% year over year but up $16,500, or 2.88%, from last quarter.
Between Q3 2024 and Q3 2025, prices increased by 4.49% in Park County, a modest gain compared to the 6.65% increase reported between Q2 2024 and 2025. Prices increased in Gallatin County by 11.56%.
The close price to list price ratio was 98.2% in Q3 2024 and 98.1% in Q3 2025, with the close to original price ratio about 1.5% lower.
A 30-year conventional mortgage is currently at 6.19%, more than half a percent lower than last quarter. The "new normal" for rates appears to be settling in the low 6% range, with cautious optimism of dipping below 6% in the coming months.
Days On Market
The median time to sell a home was 29 days, up 2 days from the same period in 2024 and up 4 days from the previous quarter.
As expected, most areas saw median days on market edge up from last quarter. The exceptions were Bozeman and Big Sky. Bozeman homes sold about two days faster, while Big Sky saw a notable drop in market time compared to both Q2 2025 and Q3 2024.
In September, there were six months of inventory on the MLS. From July through September, Gallatin and Park Counties had six months or less, down from the previous quarter. Bozeman, as usual, maintained the lowest inventory.
Conclusions
The Southwest Montana market remains steady, following the same balanced rhythm we’ve seen recently. Prices are leveled, inventory is holding near seasonal norms, and both buyers and sellers have largely settled into this slower pace.
Sellers are more realistic, buyers are selective, and the sense of urgency that once defined the market has softened into something more sustainable.
I expect the usual seasonal Q4 slowdown: fewer listings, longer days on market, and more thoughtful transactions. Still, opportunities remain for both sides, especially for those prepared and patient enough to act intentionally.
Every shift, even a steady one, offers perspective. If you’d like to talk about what these trends mean for your home or your plans, I’m always happy to connect.
Until next time, stay warm and enjoy the transition from fall to winter.
