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 ADDRESS||INSIDE CITY||OUTSIDE CITY|
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.
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.
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:
|QUARTERS||Q2 2021||Q1 2021||Q4 2020||Q3 2020|
Chart 2: In April 2021, average days on market (ADOM) inside Bozeman is 35 and outside Bozeman, 58.
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.