Bozeman Homes For Sale – New Homes – How Much Do Houses Cost In Bozeman?
Average Days on Market ⇓ – Average Sales Prices ⇑ – Record Low Inventory ⇓ – Bozeman Absorption Rates
Update: A Bozeman home costs $953,825 in December 2021
Bozeman Housing Boom Continues Into December 2021
Chart 1: the average sales price for homes inside the city is $774,300, up ⇑ $172,200 or ⇑ 28.8% from January 2021’s $598,100.
Outside Bozeman city limits, average sales price is $1,175,875 up ⇑ $255,775, ⇑ 27.8%, from January 2021’s $920,100.
Together, the overall cost of a home in Bozeman averages $953,825 in December 2021, up ⇑ $213,925 or ⇑ 29% from January’s $739,900.
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.
Home prices have been increasing sharply since March 2020; prior to this, prices had mostly stagnated in Q1 2020.
In Q4 2021, we continue with the steepest rise in Bozeman home sales prices in history, up ⇑ 28% or ⇑ $207,500 above Q4 2020 prices.
Looking Back: January 2021 vs January 2020
Inside Bozeman City Limits: January 2021 average price was $598,100, which is ⇑ $87,050 or ⇑ 17% more than January 2020’s $511,050.
Outside Bozeman city limits: January 2021 average price was $920,100, which is ⇑ $187,200 or ⇑ 25.5% more than January 2020s $732,900.
Bozeman (median) Home Prices Back In 2020
In Q4 2020, 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 was 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 ⇑ continue upward.
Bozeman Home Sales History
Chart 3: December 2021, the number of homes for sale throughout Bozeman flattened out in July at around 91 and continues at 88 today.
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 declining.
In December 2021, there are 38 homes for sale inside Bozeman.
Presently, there are 57 homes for sale outside Bozeman, which is ⇓ 49 lower or a ⇓ 86% drop in homes for sale than December 2020’s 106.
Average Days On Market
Chart 4: In 2021, average days on market for homes in and outside the city continues declining.
December 2021, average days on market for a home inside city limits is 16 days.
Average days on market outside Bozeman is 28.
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