Bozeman Homes For Sale – Homes Cost $949,000 in Bozeman, Q3 2024
Days on Market ⇓ (11) – Sales Prices ⇓ – Inventory ⇑ (411) – Bozeman Absorption Rates
Bozeman Housing Prices Steady (Building Boom Continues)
Chart 1: Well into Q3 2024, the median home price inside the city of Bozeman has increased to $815,000, up ⇑ $65,000 or ⇑ 8.7% from Q2 2023’s $750,000.
Outside Bozeman city limits, median home price is $1,175,000, up ⇑ $250,000 or ⇑ 27%, from Q2 2023’s $925,000.
Median home price in all of Bozeman in Q3 2024 is down just ⇓ $2,650 from last quarter.
Looking at the last 4 quarters, overall the median price of $949,000, is up ⇑ $70,000 or ⇑ 7.96% from Q2 2023’s $879,000.
Median home prices had been increasing for over 10 years, but since Q1 2022, they have been hovering around the $900,000 range.
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.
Taunya’s Featured Area Homes And Land For Sale
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