What’s a House Cost in Bozeman, MT?
| TO DATE | GREATER BOZEMAN | IN CITY |
| Q2 2023 | $925,000 | $750,000 |
| Q2 2022 | $999,00 | $815,000 |
| Q2 2021 | $841,000 | $699,000 |
| Q2 2020 | $650,000 | $481,000 |
| Q2 2019 | $548,000 | $436,550 |
How much is a home in Bozeman? A house costs $879,000; in all Bozeman areas, which is a slight increase over the Q1 2023 price.
$879,000 is ⇑ $1,500 or a ⇑ .002% increase compared to Q1 2022. (The Q3 2022 price was $877,500; the Q3 2023 price, $879,000.)
Chart 1: During Q1 2023 median list price for all Bozeman was $866,748, which was below the Q1, 2022 median price of $900,500.
The median price for a Bozeman home inside the city in Q1, 2022 was $755,000; in Q1, 2021, in Q1, 2021, $635,000; for 2020, $465,000; and for 2019, $438,500.
Outside the city in Q1, 2022 the median price for a Bozeman home was 1,150,000; in Q1, 2021, $699,750; in Q1, 2020, $587,500; and in Q1, 2019, $546,500.
From the beginning of Covid to the beginning of 2023, the median cost of a home inside Bozeman increased ⇑ $297,500 or ⇑ 64% (Q1 2020, @ $465,000 to Q1 2023 @ $762,500).
During this same period, but in Greater Bozeman, the median cost of a home has increased ⇑ $348,500, ⇑ 59.3% (Q1 2020, @ $587,500 to Q1 2023 @ $936,000).
These were significant market price increases in all but 1 of those 17 quarters, as seen in Bozeman’s median home prices.
Snapshot: Taking a snapshot of the past, 2021’s top average price–cost–of a Bozeman house inside the city was $784,020, up ⇑ $221,925 over 2020’s ($590,745) and up ⇑ $78,810 over 2019’s ($511,935).
Outside the city in 2021, the year’s top average price for a Bozeman home was $1,192,950, up ⇑ $193,275 over 2020’s ($914,085) and an increase of ⇑ $179,570 over 2019’s ($734,515).
Houses are expensive in Bozeman!
The average cost of a Bozeman house increased ⇑ $334,015 or 64.6%, inside the city from the “inception” of Covid in the region (from March 2020, $517,425 to August 2022, $851,440).
The average cost of a Bozeman house increased ⇑ $654,315, 89.5% outside the city since Covid began (from March 2020, @ $731,190 to August 2022 @ $1,385,505).
Tell me more about Average Price vs Median Price.
So, what about the cost of a Bozeman luxury home? – What’s the luxury market report say?
Chart 2: Average Percent of List Price (APLP) began rising again beginning Q4 2022.
Average Percent of List Price has risen to 98.9%.
At the end of both Q1 2022 and 2021, PLP was over 100%, the first time in decades.
In 2020, the sales price of a Bozeman home outside the city increased 3% more than the sales price of a home inside Bozeman.
It’s difficult to project future home prices in Bozeman, except to say that getting a handle on Covid-19 higher mortgage rates may slow home buying and selling.
Some Closing Thoughts
The best method for figuring the true cost of a Bozeman home is to look at individual closed sales, which best reflect true worth and what a Bozeman house should cost you, but individual sold numbers are not publicized.
Therefore, the next best method to determine what a Bozeman home costs, i.e., its worth, is to look at median price across all sold homes.
This would get you close, but it’s still skewed a bit, as the percent of list price (chart 3) in the past 5 years has been from 96% to over 100% of sales price.
