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 Listings||New Inside Bozeman||New Outside Bozeman|
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.
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.
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.
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 COMPARISON||Q2 2021||Q1 2021||Q2 2020||Q1 2020|
|BUILDING PERMITS ⇓||210||384||811||1015|
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 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.