August 4th, 2022

How Much Does A Home Cost In Bozeman?

Photo Average price chart for how much a home costs in Bozeman

What’s a House Cost in Bozeman?

August 2022 – How much is a home in Bozeman? A house costs $1,079,420 in Bozeman, Montana, the average price. This is a ⇑ $206,095, 23.6% increase in 1 year.

AUGBOZEMANIN CITYOUT CITY
2022$1,079,420$851,440$1,385,420
2021$873,325$726,325$1,075,350
2020$663,255$548,895$824,220
2019$576,585$502,435$701,360

The best method for figuring the true cost of a Bozeman home is to look at closed sales, which reflect the true worth, what it should cost, of a Bozeman house, but these numbers are not publicized.

Therefore, the next best method to determine what a Bozeman home is worth/costs is to look at listing price. 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 97% to over 100% of sales price.

Photo How much do homes cost in Bozeman? Median price chart.
Chart 1: What’s the median sales price for a Bozeman home?

Chart 1: The top median price for a Bozeman home inside the city in 2022 is $765,000, in 2021 was $700,000; in 2020, $540,000; and in 2019, $460,000. 

Outside the city, the top median price for a Bozeman home in August 2022 is $950,000; in August 2021 a home was $839,000; in August 2020, $681,150; and in August 2019, $554,000.

Since Covid began, the median cost of a Bozeman home inside the city has increased ⇑ $300,000, 64.5% since Covid began (March 2020, @ $465,000 to August 2022 @ $765,000).

Since Covid began, the median cost of a Bozeman home outside the city has increased ⇑ $390,000, 69.6% since Covid began (March 2020, @ $560,000 to August 2022 @ $950,000).

These are significant market price increases in the last 2 years, as seen in both average and median home sales prices in Bozeman.

Photo How much do homes cost in Bozeman? Average price chart.
Chart 1: What’s the average sales price for a Bozeman home?

Chart 2: 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–cost–for a Bozeman home was $1,192,950, up ⇑ $193,275 over 2020 ($914,085) and an increase of ⇑ $179,570 over 2019 ($734,515). Houses are expensive in Bozeman!

The average cost of a Bozeman house has increased ⇑ $334,015 or 64.6%, inside the city since Covid began (March 2020, $517,425 to August 2022, $851,440).

The average cost of a Bozeman house has increased ⇑ $654,315, 89.5% outside the city since Covid began (March 2020, @ $731,190 to August 2022 @ $1,385,505).

Chart 3: In 2021, sales prices for Bozeman homes were above 100% of list price.

Which is Best? – Average Price vs Median Price – Which is Better (charts 1 and 2)?

We’re dealing with Average and Median single-family Bozeman home costs (closed sales) here:

When looking at Bozeman home price statistics, average price tends to be the preferred statistical method.

Average price is found by simply adding all numbers and then dividing the sum of these numbers by the amount of these numbers.

Average price often depicts wild price swings, throwing off your search for a reasonable reflection of price.

Photo Average Percent of Last List Price For Bozeman Homes
Chart 3: What’s the average percent received of list price for a Bozeman home (over 100%)?

Median price, on the other hand, is another common method. Used as as an numerical phrase, median signifies a middle price in a set of Bozeman house prices.

Frankly, using the median price results in a better depiction of the typical or the middle price than using average price.

To find median price, line up the prices in order of value, e.g., 5, 9, 15, 33, 47, etc., and simply pick the middle number, i.e., median is 15.

If the number of numbers is even, 5, 15, 33, 47, take the average of the two middle numbers 15 +33 = 48/2 = 24 and use that single number, 24, as your median price.

So, what about the cost of a Bozeman luxury home? – What’s the luxury market report say?

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 may slow the influx of new Bozeman home buyers and sellers.

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Taunya Fagan

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