April 14th, 2023

Belgrade Home Sales Report

Photo Belgrade MT Median Home Prices 2013 to 2023.

Belgrade, Montana Home Sales Report – Search Belgrade, MT Real Estate

Homes Cost $562,500 in Belgrade, MT beginning Q2 2023 (median)

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

Home PriceBelgradeBozeman
Q1 2023$562,500$865,874
Q4 2022$553,928$887,450
Q3 2022$560,450$877,500
Q2 2022$578,488$900,000
Q1 2022$625,500$900,500

Belgrade Home Prices (median)

Chart 1: Q2, April 2023, median sales price for Belgrade homes is $562,500, down ⇓ $63,000 or ⇓ 11.2% from Q1 2021’s $625,500.

Photo Median sales prices, single family homes, Belgrade by Quarter.
Chart 1: Median sales prices, single family homes, Belgrade by Quarter.

‘But still good news because this $562,500 is ⇓ $303,374 or ⇓ 54% lower than the median sales price of $862,874 for a Bozeman home in Q2 2022.

Single-Family, Condo, Townhouse Prices (median)

Belgrade’s Q2 2023 overall residential inventory had been falling since last fall and continues in Q2 2023.

Median sales price is at $515,000, up ⇑ 1% or ⇑ $5,000 above Q 4 2022’s $510,000.

Photo History, number Belgrade Montana 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 Q1 2018 to Q1 2023, Belgrade residential prices have increased from $273,900 to $515,000 ⇑ $241,100 or ⇑ 88%.

The availability of residential Belgrade properties (chart 2)–homes, condos, and townhomes–is decreasing in both Belgrade and Bozeman.

Number Residential Dwellings For Sale

Chart 2: In Q2 2023, there are 78 residential (homes, condos, townhouses) dwellings for sale in Belgrade, MT; 47 of these 78 residential properties are homes for sale in Belgrade.

The 47 Belgrade homes for sale in Q1 2023 has increased since the decade’s low of 21, one year ago and remains well below the high of 157 in Q3 2019.

Belgrade Number of Closed Sales

History Belgrade Montana 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, the closed sales trend has been downward.

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

Since Q3, 2020, closed home sales have dropped from a high of 146 to Q1 2023’s 49.

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

Residential Sales Price By Property Type 

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

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

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

Residential Pending Sale Numbers By Type

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

Chart 5: Belgrade and Bozeman’s pending sales numbers have turned up in 2023.

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

In Q2 2023, both Belgrade and Bozeman residential sales prices have begun increasing in both Belgrade and Bozeman and for all residential, i.e., homes, condos, and townhouses.

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?

Tags: belgrade montana home prices, Belgrade Montana home sales, how much do belgrade mt homes cost?

Taunya Fagan

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