What’s a House Cost in Bozeman, MT?
How much is a home in Bozeman? A house costs $845,000 in Bozeman, Montana, the median price in March 2023. This is ⇓ $427,500/50.6% decrease compared to March 2022 ($1,272,500).
| TO DATE | GREATER BOZEMAN | IN CITY |
| Q1 2023 | $994,250 | $804,500 |
| Q1 2022 | $1,150,000 | $755,000 |
| Q1 2021 | $699,750 | $635,000 |
| Q1 2020 | $587,500 | $465,000 |
| Q1 2019 | $546,500 | $438,500 |
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 96% to over 100% of sales price.
Chart 1: Snapshot: The median price for a Bozeman home inside the city for 2022 was $790,000, for 2021 it was $750,000; for 2020, $545,000; and for 2019, $510,000.
Inside and Outside the city, the top median price for a Bozeman home in Q3 2022 was $947,500; in Q3 2021 a home was $835,000; in Q3 2020, $650,500; and in Q3 2019, $566,000.
Since Covid began, the median cost of a home inside Bozeman has increased ⇑ $339,500, 73% (Q1 2020, @ $465,000 to Q1 2023 @ $804,500).
Since Covid began, the median cost of a home in Greater Bozeman has increased ⇑ $365,000, 62.1% (Q1 2020, @ $587,500 to Q1 2023 @ $994,250).
These are significant market price increases in the last 11 quarters, as seen in Bozeman median home prices.
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). (Using our old data system.)
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 increased ⇑ $334,015 or 64.6%, inside the city since Covid began (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?
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.
