November 10th, 2022

Belgrade Home Sales Report

Photo Bozeman vs Belgrade Home Sales 2020-2022

Belgrade, Montana Home Sales Report – Search Belgrade Real Estate

Homes Cost $553,925 in Belgrade, MT in Q4 2022 (median)

Market Trends, Forecast Updates – Belgrade Home Prices vs Bozeman Home Prices

Home PriceBelgradeBozeman
NOV 2022$553,925$925,000
AUG 2022$531,250$951,950
MAY 2022$628,500$901,000
FEB 2022$615,000$1,272,500
NOV 2021$565,000$779,500
Photo Median sales prices, single family homes Belgrade vs Bozeman (inside & outside city) by Quarter.
Chart 1: Median sales prices, single family homes Belgrade vs Bozeman (inside & outside city) by Quarter.

Belgrade Home Prices (median)

Chart 1: November 2022, median sales price for Belgrade homes is $$553,925, (down from last month) down ⇓ $11,075 or ⇓ 2% above November 2021’s $565,000.

But still good news: this $553,925 is ⇓ $371,075 or ⇓ 67% lower than the median sales price of $925,000 for a Bozeman home in November 2022.

Single-Family, Condo, Townhouse Prices (median)

Belgrade’s November 2022 overall residential inventory had been falling all year and continues in Q4 with median sales prices at $525,000, up ⇑ 4.5% or ⇑ $22,500 above Q 4 2021’s $502,500.

Photo History, number Belgrade MT homes, condos, townhouses for sale by quarter.
Chart 2: History, number Belgrade MT homes, condos, townhouses for sale by quarter.

In the last five years, from Q4 2018 to Q4 2022, Belgrade residential prices have increased from $302,775 to$525,000 ⇑ $222,225 or ⇑ 73.4%.

The availability of residential Belgrade properties (chart 2)–homes, condos, and townhomes–has increased in both Belgrade and Bozeman but remains historically low.

Belgrade Number Residential Dwellings For Sale

Chart 2: In Q4 2022, there are 148 residential (homes, condos, townhouses) dwellings for sale in Belgrade, MT; 108 of these 148 residential properties are homes for sale in Belgrade.

The 108 Belgrade homes for sale in Q4 2022 has increased since, the decade’s low 21 in Q1 2022 but remains well below the 157 of Q3 2019.

Belgrade Number of Closed Sales

Photo Belgrade number of closed sales by quarter.
Chart 3: Belgrade number of closed sales by quarter.

Chart 3: For years, the number of closed sales for all residential dwelling types was on the rise.

But since Q3 2020, closed sales have been declining, most likely due to more people staying than leaving Belgrade.

Since Covid began, approximately, March 2020, the yearly sale of homes in Belgrade climbed until October 2020 but has continued dropping since then.

Since June 2021, closed sales have dropped from a high of 5546 to Q4 2022’s 338.

Sales of condos, townhomes, and manufactured homes are slightly declining.

Belgrade Residential Sales Price By Property Type 

Photo Chart 4: Belgrade median sales price by property type.
Chart 4: Belgrade median sales price by property type.

Chart 4: The Belgrade, MT overall residential real estate price  (median) has been decreasing,

This drop is due both to a softening demand for residential property and, more than likely, increasing interest rates.

In “All Property Types,” prices for every property type has been rising for years, with Belgrade single-family median home prices surpassing the $500,000 mark in late September 2021.

Belgrade and Bozeman condo and townhouse prices have kicked up significantly since March 2021.

Belgrade Residential Pending Sale Numbers By Type

Photo Belgrade pending sales numbers by type
Chart 5: Belgrade pending sales numbers by type.

Chart 5: Belgrade and Bozeman’s pending sales numbers have turned down.

Overall, median home sales prices for Belgrade and Bozeman have been rising for many years. 

In Q4 2022, both Belgrade and Bozeman residential sales prices have begun flattening.

And both SW Montana real estate markets continue their vibrancy in a rebounding Covid world.

(Quiz: What’s the difference between average and median price?

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Taunya Fagan

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