The Market Didn't Stop. It Shifted.

Residential closings across Big Sky Country MLS are up about 7% this year, and contracts are up about 11%, comparing January through September 2026 with the same months of 2025.

If you have been following the headlines or talking with friends this fall, you have probably heard some version of the same story: the market is slowing down. I hear it at showings, at dinner and from other agents. So I went to the source and pulled the numbers from our MLS. They tell a different story.

The numbers

Closings this year are ahead of 2023, 2024 and 2025. Only 2022, the tail end of the pandemic surge, was higher. Contracts tell the same story: 2,703 from January through September, up from 2,445 last year.

Buyers showed up this spring and summer

April 2026 brought 345 residential contracts across the MLS, and July brought 365. Both were the highest totals for those months in the last five years, ahead of even 2022.

That is not what a stalled market looks like. Buyers are still relocating to the Gallatin Valley, still looking for mountain access, space and quality construction, and still writing offers when the right property comes along.

So why does it feel slow?

What changed is the pace, not the demand. The pace of 2021 and early 2022 set expectations that were hard to sustain. Today's buyers take their time, ask better questions and negotiate with more confidence.

That is a healthier, more balanced market. It rewards sellers who start with strategic pricing, prepare the home well and give it real exposure. Homes that skip those steps tend to sit, and those are the listings people notice.

Thinking about selling? Timing still matters

Contract activity climbs in March, jumps in April and holds steady through August. Fall and winter are the strategic window to plan pricing, handle prep work and line up photography, so your home is market-ready when buyer demand picks up again.

What it means for buyers

A balanced market works in a buyer's favor. There is more time to tour, ask questions and complete inspections, and more room to negotiate on terms. Waiting for a dramatic drop that the numbers don't show can mean competing with more buyers next spring, when contract activity climbs again.

The bottom line

The market shifted. It didn't stop. Buyers expect thoughtful pricing and well-prepared homes, and they are still buying.

Whether you are thinking about selling this spring or searching for the right property, I'm happy to walk through what the data means for your situation. My background in construction, mortgage lending and development helps my clients see the full picture, from how a home is built to how it is financed and positioned.

Kari Francisco, Real Estate Advisor, Engel & Völkers Bozeman

Source: Big Sky Country MLS, residential property type, all areas. Closings counted by close date; contracts counted by MLS contract date and include deals still pending. Data as of October 15, 2026. Deemed reliable but not guaranteed.