September 1st, 2021

Bozeman Real Estate Forecast

Photo Bozeman Forecast Sale Price vs Days to Sell, 2010 to September 2021

2021 Bozeman Real Estate Market Prediction – Residential Sales History

September 2021 Bozeman Real Estate – Forecasts – Price Data

1. Below average availability of all residential property. 2. Continued increase in residential prices . 3. Significant new residential construction (shortage of building lots in 2021). 4. Slight increase in mortgage rates ⇑.

DAYS ON MARKET*BOZEMAN ADDRESSINSIDE CITYOUTSIDE CITY
SEPT 2021659
MAY  20217612
FEB 202111915
NOV 2020151423
AUG 2020211929

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, September 2021

Chart 1: September 2021, the number of residential listings, including *homes, condos, townhomes, began rising in January 2021, from a low of 97 to the present 189 in September 2021.

Bozeman Average Days On Market – Residential Listings
Chart 2: Number Bozeman residential listings (monthly).

New listings numbers are falling in Q3 2021. This drop in new listings has impacted why houses cost so much in Bozeman.

Total residential “for sale” numbers began rising early this year, nonetheless, this year’s numbers are historically much lower than usual. The primary reason for low numbers in 2021 is most likely due to high home sales in 2020, and…

…apparently, fewer than normal Bozeman homeowners want to sell in 2021. Bozeman has been found and way more want to stay than leave.

The forecast is for this trend of fewer residential properties for sale than historically, will continue to the end of 2021 and into 2022.

Number New Listings: Bozeman Residential Property
Chart 1: Number Days On Market: Bozeman homes, condos, townhouses.

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

Though no one ever imagined that 2020 would be a record closed sales year in Bozeman with $1.08 billion in sales.

Inventory continues to fall in Q3 2021, with the number of listings of homes, condos, and townhouses together at 129, down from a recent record high of 400 last May (2020) and down from a mid-decade, March 2015, high of 540. 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 the end of Q2 2021:

QUARTERSQ2 2021Q1 2021Q4 2020Q3 2020
RESIDENTIAL PERMITS23038410885

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.

2020-21 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 continues addressing overdue road maintenance, street-building, and infrastructure expansion. 

Chart 3: The median cost of a Bozeman residential property continues upward in September 2021. The median cost is $550,000 inside the city and $700,000 outside the city of Bozeman.

Bozeman Real Estate Forecast 2020Pre-2020 Bozeman Real Estate Histories

BOZEMAN REAL ESTATE LISTINGS – BELGRADE MT REAL ESTATE LISTINGS – BIG SKY REAL ESTATE LISTINGS – GALLATIN GATEWAY MONTANA REAL ESTATE LISTINGS – LIVINGSTON MONTANA REAL ESTATE LISTINGS – MANHATTAN MT REAL ESTATE LISTINGS – THREE FORKS MONTANA REAL ESTATE LISTINGS

BOZEMAN REAL ESTATE REPORTS

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