Bozeman Homes For Sale – Homes Cost $951,650 in Bozeman, Q2 2024 – New Homes
Days on Market ⇓ – Sales Prices ⇑ – Inventory ⇓ – Bozeman Absorption Rates
Bozeman Housing Prices Rising (Building Boom Continues)
Chart 1: At the start of Q2 2024, the median home price inside the city of Bozeman has decreased to $749,000, down ⇓ $10,000 or less than 1% from Q2 2023’s $750,000.
Outside Bozeman city limits, median home price is $1,200,000, up ⇑ $275,000 or ⇑ 29.7%, from Q2 2023’s $925,000.
Together, the overall median home price in Bozeman in April 2024 is $951,650, up ⇑ $72,650 or ⇑ 8.2% from Q2 2023’s $879,000.
Median home prices had been increasing for over 10 years, but they have been hovering around the $900,000 range since early 2022.
Bozeman’s forecast ⇒ is for prices to remain below $1,000,000.
Q1 2021, began the steepest rise in Bozeman home sales prices in history, ending in Q1 2022.
From Q1 2021 to Q1 2022, Bozeman home prices rose from $660,000 to $900,500. This was an increase of ⇑ $240,500 or a ⇑ 36.4% increase in one year.
Inventory in April 2024 is 232 homes for sale in Bozeman.
Looking Back: Q1 2020 through Q1 2024
Inside Bozeman City Limits: Q1 2020’s median home price, $465,000 was lower than Q1 2021’s, $635,000; this was below Q1 2022’s, $755,000.
The Q1 2023 price was higher, at $762,500, and this year’s Q1 price is down to $749,000.
Outside Bozeman City limits: Q1 2020’s median home price, $587,500 was lower than Q1 2021’s, $699,750; this was significantly lower than Q1 2022’s price of $1,150,000.
Last year, Q1’s price was $938,000. In 2024 price outside the city is up significantly to $1,200,000.
Looking Back: Percent of List Price
Chart 2: In late Q1 2023, Average percent of list price was 97.3%; Q1 2022, 100.3%; Q1, 2021, 100.5%; and in Q1, 2020, 98.5%. This year, 2024’s Q1 percent was 96.9%.
In December 2020, the percent of list price for Bozeman single-family homes hit 100%, for the first time.
The recent history of high percentages of list price is a testament to Bozeman’s housing boom.
Price trends ⇓ continue downward in 2023.
Bozeman Home Sales History
Chart 3: In Q1 2023, the number of homes for sale throughout Bozeman was 230.
In Q1 2022, inventory was 107 homes, Bozeman’s lowest number of Q1 listings in decades.
The 2022 high was in Q3, which saw 407 homes for sale in Bozeman.
Median Days On Market
Chart 4: In Q1 2022, Median Days on Market (MDM) for homes in and outside the city hit its lowest ever, 4.
In Q1 2023, MDM for a home was 25 days.
Presently, in Q1 2024, MDM in Bozeman is 17.
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