Bozeman Homes For Sale – New Houses For Sale – How Much Do Houses Cost In Bozeman?
Average Days on Market ⇓ – Median Sales Prices ⇑ – # Bozeman Homes For Sale ⇓ – Absorption Rates ⇑ – Search Condos/Townhomes Here
Bozeman Housing Boom Continues Into 2021
Chart 1: March 2021, the median sales price for Bozeman homes inside the city is $548,100, up ⇑ $8,100, ⇑ 1.5% from January’s $540,000.
Outside Bozeman median sales price is $677,300, down ⇓ $3,900 from January’s $681,200.
Bozeman home prices ⇑ have been increasing for over 7 years and the forecast ⇑ is for continued increases as the area struggles to keep up with Bozeman’s housing boom.
In 2021, prices have been increasing sharply since March 2020; prior to this, prices had mostly stagnated in Q1 2020.
In 2021, we continue with the steepest rise in Bozeman sales prices in years, ⇑ 13%, which is ⇑ $80,000 above Q1 2020 prices inside Bozeman.
Looking Back: January 2021 vs January 2020:
Inside Bozeman City Limits: January 2021 price was $545,000, ⇑ $80,000, ⇑ 18.5% more than January 2020’s $460,000.
Outside Bozeman city limits: January 2021 price was $676,100 ⇑ $121,100, ⇑ 22% above January 2020s $555,000.
Bozeman Home Prices Back In 2020
In Q4 2020, Bozeman home sales prices inside the city rose to $530,000, ⇑ $63,000 or ⇑ 13.5% increase in price over January 2020’s price.
Outside Bozeman city limits: median home sales prices began Q1 (January) 2020 around $555,000 and rose ⇑ $5,000, less than 1%, to $560,000 by the end of Q1. But by the end of Q4, median sales price had risen ⇑ 19%, ⇑ $126,2000! to $681,200.
Chart 2: In Q1 2021, Median percent of last list price is 100% inside the city and about 99% outside Bozeman.
In December 2020, the median percent of last list price for Bozeman single-family homes hit 100%, for the first time since April 2018
High percent of (last) list price is a testament to the housing boom Bozeman has been experiencing since early Q1 2020.
Price trends for Bozeman homes ⇑ continues upward.
Chart 3: March 2021, the number of homes for sale throughout the Bozeman area has been dropping for years.
Except for a small rise in the first half of 2020, the number of homes for sale ⇓ inside and outside the city of Bozeman continues downward in 2021.
In May 2020, there were 108 homes for sale inside Bozeman. Now, in March 2021, there are 56 homes for sale, which is ⇓ 52 lower, about a ⇓ 93% drop in homes for sale inside Bozeman in 2021 compared to the last high in May 2020.
Chart 4: In 2021, average days on market for Bozeman homes in and outside the city continues declining.
Presently, March 2021, average days on market for a Bozeman home inside city limits is presently 37 days.
Also in March 2021, average days on market outside Bozeman is now 61.
Bozeman Home Sales History
Bozeman Absorption Rate – Average Days On Market
Absorption Rate (AR) indicates how long it takes the average home, condo, town-home, etc. to sell in a particular area and in a specific time range. (Examples below use single-family homes only.)
One type of Absorption Rate is calculated in “percentage of all homes” sold each month.
This form of AR is calculated by dividing the number of active homes for sale in a given month (you can use any time frame as long as you adjust the sold-home amount for that period) by the number of homes sold in a given month.
Example: June 2020 Absorption Rate = Sold Homes/Active Homes For Sale (for sale + pending) = 956/1216 = 79% chance of your home selling in 1.27 months (see “second type of AR calculation” to figure the “number of months to sell“).
A rate above ~18-20% indicates a seller’s market and below ~15-17%, a buyer’s market. Bozeman’s AR percentage comes in significantly higher than 18-20%!
A second type of Absorption Rate calculation results in “number of months to sell.”
Absorption Rate (AR): Homes For Sale/Sold Homes = 1216/956 = 1.27 months to sell a home in Bozeman in June 2020.
Generally, Average Days on Market (chart 4) decreases as the Absorption Rate increases.
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