Search Real Estate Listings For Sale in Bozeman, Montana – MLS Maps and Photos
Q3 2023: Residential Bozeman real estate costs $825,000 (median) – ‘Want a home? – Condo?
Sales of residential property (homes, condos, townhomes) in Bozeman are slightly down – Bozeman Realty Forecast
Chart 1: In the last 10 years, sales prices for all Bozeman residential properties have climbed, and dramatically from 2019 to 2022!
But, prices began declining in Q3 2022 and for the most part continue declining.
Condo prices are rebounding but home and townhouse prices continue declining.
Median sales prices throughout Bozeman began increasing above the average annual rate–about 9%–in May 2020, no doubt from from Covid-related, relocation.
But the market is slowing or correcting; we’ll see in the next few months.
Overall, from the beginning of the Coronavirus rush for residential housing–includes homes, condos, townhouses–in March 2020 to October 2022, median sales price in Bozeman moved from $429,450 to $751,500, rising ⇑ $310,550 or ⇑ 77.3% in ~32 months.
Today: In the last year, prices took a tumble but have rebounded from October 2022’s $751,500 to the present $825,000. Price inside Bozeman is now $719,000 and outside, $1,050,000.
Chart 2: Q3 2023: Inside Bozeman’s city limit, the number of residential dwellings–homes, condos, townhomes–for sale is down ⇓ 70 from last
Q3 2022’s (and 2022’s high) 297 to today’s 325.
Three years ago the number of residential dwellings for sale inside and outside Bozeman was almost 400; today it’s 554.
Chart 2: Outside the city, Q3 2023: the number of residential dwellings for sale is 229. Last year the number was 283 at the end of Q3.
In late 2023, the number of residential dwellings for sale has flattened.
When Covid Began Dramatically Affecting Bozeman Properties
Looking back: Prior to March 2020, roughly when Covid refugees hit Bozeman, the real estate sales cycle inside and outside the city had been fairly stable, rising in the Spring and falling in late summer/ fall.
Looking way back: the drop from June 2017’s 380 listings in all of Bozeman–inside and outside–to the present 135 in June 2022, is a ⇓ 245 or ⇓ 64.5% drop in residential listings in Bozeman in last 5 years.
According to Livability, Bozeman is a Best Place To Live and Bozeman is a Best Place To Raise A Family
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Bozeman, Montana is the setting for Montana State University (MSU) and the city has a highly educated, vibrant, diversified workforce.
Fifty-seven percent (up from 43% just a few years ago) of Bozeman residents have at least a bachelor’s degree. And all but about 2% have a high school diploma.