A Home Costs $955,000 in Bozeman, MT.
| TO DATE | GREATER BOZEMAN | IN CITY |
| Q1 2025 | $1,250,000 | $737,450 |
| Q1 2024 | $1,200,000 | $749,000 |
| Q1 2023 | $938,000 | $762,500 |
| Q1 2022 | $1,150,000 | $755,000 |
| Q1 2021 | $699,750 | $635,000 |
How much is a home in Bozeman? A house costs $955,000 in all Bozeman areas, which is a $50,000 increase over the Q1 2024 price.
Chart 1: Well into Q1 2025, the median home price in April 2025 in Bozeman is $927,000, but the Q1 2025 price is $955,000.
Broken down by city limits, quarterly prices are $737,450 inside the city and $1,250,000 outside the city.
Looking Back
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, $635,000; in 2020, $465,000; and in 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 2024, the median cost of a home inside Bozeman increased ⇑ $391,000 or ⇑ 84.1% (Q1 2020, @ $465,000 to Q1 2024 @ $749,000).
During this same period, but in Greater Bozeman, the median cost of a home increased ⇑ $612,500, ⇑ 104.3% (Q1 2020, @ $587,500 to Q1 2024 @ $1,200,000).
There were significant market price increases in most of those 20 quarters.
Houses are expensive in Bozeman!
The average price of a Bozeman house increased ⇑ $334,015 or 64.6%, inside the city from the inception of Covid, from March 2020, $517,425 to August 2022, $851,440.
The average price of a Bozeman house increased ⇑ $654,315, 89.5% outside the city from 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) gained from a sale began dropping in Q2 2021 when it was 102.3% (inside & outside the city combined).
Average Percent of List Price has dropped to 96.7% in Q1 2025 from 96.7% in Q1 2024 and 97.3% in Q1 2023.
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 higher mortgage rates have slowed somewhat 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.
Closed Sales best reflect true worth of what a Bozeman house should cost you, but individual closed sale 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 in the past 5 years has been from 96.5% to over 102.3% of sales price.
