June 8th, 2021

Bozeman Real Estate Forecast

Photo Bozeman Forecast Sale Price vs Median Price, Jan 2015 to June 2021

2021 Bozeman Real Estate Market Prediction – Residential Sales History

The 2021 Bozeman Real Estate Forecast – Price Trend Data

1. Below average availability of residential property. 2. Continued increase in Bozeman home prices . 3. Significant new Bozeman home construction. 4. Slight increase in home mortgage rates ⇑.

NEW LISTINGS*Total New ListingsNew Inside BozemanNew Outside Bozeman
JUNE 202116910960
MAR  202015210250
DEC 20201017625
SEPT 20201398257
JUNE 202024216874
Number New Listings: Bozeman Residential Property
Chart 1: Number new listings: Bozeman homes, condos, townhouses.

The 2021 U.S. real estate prediction from the National Association of REALTORS® (NAR) chief economist: Lawrence Yun predicts home sales in 2021 will rise ⇑ 9%, prices for homes will rise ⇑ 3%, new-home sales will increase by a significant ⇑ 23%, and home mortgage rates will rise ⇑ 1/10 of 1%.

How the 2021 Bozeman Real Estate Forecast Is Progressing, June 2021

Chart 1: June 2021, new listings, including *homes, condos, townhomes, began rising in January 2021, from a low of 97 to the present 169 in June 2021.

Low new listings numbers have given over to increasing numbers in Q2 2021. This rise in new listings has not impacted why houses cost so much in Bozeman.

Though total residential listing numbers are rising, there are fewer numbers in June 2021, 169 compared to June 2020’s 242, as chart 1 indicates. The primary reason for low listings throughout Bozeman this year is most likely due to high home sales in 2020, and...

…apparently, fewer than normal Bozeman homeowners want to sell in 2021. This trend of fewer listings appears to be continuing into Q3 2021.

Bozeman Average Days On Market – Residential Listings
Chart 2: Bozeman average days on market – residential listings.

Late summer will give us a more accurate indication as to whether our seller’s market will surpass 2020’s. It’s doubtful because more people are moving to Bozeman and fewer and fewer are planning to leave.

Unless we have a national incident or interest rates climb, prices won’t be dropping in Bozeman for quite some time.

Last year’s Bozeman real estate forecast never factored a Coronavirus pandemic into the equation; the pandemic triggered flight from big, complex cities to smaller, simpler cities like Bozeman.

Montana’s Hottest Real Estate Market – Bozeman Housing Boom 2021

And, no one imagined that Bozeman would have its greatest volume year ever, $1.08 billion in sales in 2020.

Inventory continues to fall into Q3 2021, with the number of listings of homes, condos, and townhouses together at 95, down from a recent record high of 407 last June (2020) and down from a mid-decade, July 2015, high of 584. So how much does a Bozeman home cost at this time?

History, Bozeman Building Permits Issued

The most recent Bozeman building permit numbers come from December 2020: 328. Compare this to the city of Bozeman issuing 104 building permits in July 2020. Home construction and home remodeling is on the increase in Bozeman

Q COMPARISONQ2 2021Q1 2021Q2 2020Q1 2020
BUILDING PERMITS 2103848111015

Chart 2: In April 2021, average days on market (ADOM) inside Bozeman is 35 and outside Bozeman, 58.

Bozeman Real Estate Median Home Sales Prices
Chart 3: Median Bozeman home sales price.

April 2021: inside Bozeman, ADOM has been dropping since early October 2020 and has been dropping ever since.

2020 Review: Covid-19 pushed us into a housing boom in Bozeman, which also precipitated a commercial real estate explosion with construction of apartment buildings, new hotels, new schools, retail projects, and more.

Bozeman also continued addressing overdue road maintenance, street-building, and infrastructure expansion. 

Chart 3: The median cost of a Bozeman home continues upward inn April 2021. The median home cost is $550,000 inside the city and $800,000 outside the city of Bozeman.

Bozeman Real Estate Forecast 2020Pre-2020 Bozeman Real Estate History Here



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Taunya Fagan

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