Q4 2024 Big Sky Real Estate Report – Market Trends
Big Sky Real Estate Market Report: Residential Forecast: Prices & Sales Rising. Forecast For Homes, Condos & Townhouses.
Chart 1: Q3, 2024 Stats: median sales prices for townhomes and homes is moving down. Condo prices are up.
Presently, median sales price for all Big Sky residential is ⇑ $2,625000.
This is ⇑ $225,000 or ⇑ 9.4% above the Q4, 2023 price of $2,400,000.
The Q3, 2024 median price for a Big Sky home is down to $3,100,000, which is down ⇓ $1,110,250 or ⇓ 26.4% from Q3 2023’s price of $4,210,250.
The Q3, 2024 median price for a Big Sky condo is $1,997,500, which is down ⇓ $252,500 or ⇓ 11.2% lower than the Q1 2023 price of $1,980,000.
The Q3, 2024 median price for a Big Sky townhome is too small to register, as there is not one townhouse listed for sale in all of Big Sky.
Looking back, the Q4, 2022 price of $2,575,000 was up ⇑ $500,000 or ⇑ 24% above Q4 2022’s $2,075,000.
Big Sky residential prices have decreased in the last 3 quarters.
Chart 2: The number of residential dwellings for sale began decreasing in Q2 2020, bottomed in Q4 2021, topped in Q3, 2022.
The number of residential dwellings for sale has been mixed, with condos and townhomes flat.
House sales are increasing, more than likely due to their drop in price.
(Since before 2014, the trend of homes for sale in Big Sky had been decreasing, except for the period of Q4 2018 to Q3 2020, when numbers increased from 173 to 295.)
The total number of all residential properties for sale in Big Sky in Q4, 2024 is 229: 81 homes, 145 condos, and 0 townhouses for sale.
Chart 3: Overall closed residential sales ⇑ began increasing in Q2 2020, three months after the onset of the pandemic, increased to record levels in Q4 2020.
From there, sales began decreasing until Q1 2023. Since then sales have averaged around 50 per quarter.
Chart 4: Days on Market for all residential properties have been decreasing for the last 10 years.
New Pending Sales: Numbers for all residential dropped from 200 in Q3 2020 to 18 at the end of 2022.
They have remained around 40 since.
Big Sky Condo/Townhome Market Report
Looking back at the Big Sky, MT residential real estate market
In January 2018 sales prices were at $510,000 and one year later, January 2019, they had risen⇑ $193,000 to $703,000.
By January 2020, all residential property prices had dropped to $694,500.
By January 2021, residential prices had risen ⇑ $475,500, in one year, to $1,170,000!
Big Sky residential prices increased from $699,000 in April 2019 to $1,260,000 in April 2022! That’s a ⇑ $561,000 or ⇑ 44.5% rise.
From January 2017 to January 2018, the price for residential real estate went from $415,000 to $515,000, a ⇑ $100,000 increase in one year.
The number of properties for sale in Big Sky generally increases in late summer/early fall as owners anticipate the winter season.
The number of homes for sale began dropping in September 2015 and continued until June 2019.
The number of homes for sale began dropping in July 2020 and continued into Q3 2021.
In Q4 2016, sales prices began climbing and for the most part have continued upward in 2024.
In July 2015, inventory began declining and continued decreasing until June 2019.
