Our Bozeman Real Estate Market Report includes data for both Single Family Homes and Condominiums/Townhomes. Strong buyer demand in the Bozeman Market, Low mortgage rates, and continued inventory constraints are the primary stories in the Bozeman market. If you are interested in the Big Sky Market, please see our Big Sky Real Estate Market Report.
As Bozeman Real Estate Experts we know the local market. If you are interested in a detailed analysis we can email you a more comprehensive market report. The market for Single Family Homes and Condos/Townhomes is different. We analyze the Bozeman Real Estate Market differently for these two market segments. As such, you can request detail reports for each. Click here to Request Bozeman Market Report for Single Family Homes. Click here to
Request Bozeman Market Report for Condominiums.
|YEAR||DAYS ON MARKET
* Bozeman Areas 1 & 2 Single Family Homes2019 2019 is showing strong demand for Single Family Homes in Bozeman. Despite some markets experiencing declines in home prices, the market in Bozeman is still experiencing price increases. Months Supply Of Homes For Sale remains extremely low, hovering just over 3 months supply. 6 Months Supply Of Homes For Sale is considered a balanced market.
2018 2018 continued the trends of limited inventory and increased prices. Demand remained strong resulting in Months Supply Of Inventory dropping to just over 3 months. Median Price increased to roughly $425,000 and Median Price Per Square Foot for Single Family Homes in Bozeman increased to over $200.
2017 2017 had a significant decline in homes available for sale but demand for single family homes in Bozeman remained strong. The combination of high demand and low inventory resulted in the Months Supply Of Inventory dropping to approximately 3.5 for the year. It also resulted in increases in Median Sale Price, and an increase in Price Per Square Foot. Median Price Per Square Foot for Single Family Homes in Bozeman grew to just below $180.
2016 2016 marked a highpoint in terms of both units sold and dollar volume for single family homes sold in Bozeman city limits and the greater Bozeman area. Homes available for sale(measured as Months Supply Of Inventory) continued to trend down in 2016 average around 4.5 Months Supply Of Inventory. Median Days On Market for Single Family Homes was approximately 45 days and Median Price Per Square Foot surpassed $160 in 2016.
2015 2015 had continued shortages of affordable inventory and high buyer demand. The supply of single family homes within Bozeman showed a small but welcome increase. At the end of 2015, there were 126 active residential properties listed for sale compared to 112 in 2014. Based on current supply and the number of homes sold in a given price range in the prior 12 months, there is no more than a 4.5 month supply of inventory in any of the price ranges reported under $500,000. (see Market Absorption Rate graph)
Within Bozeman city limits single family home sales increased 6%. There were 556 single family homes sold in 2015, compared to 523 in 2014. The average sales price for single family homes showed significant growth with a 15% increase to $382,033 in 2015 from $331,817 in 2014. The median sales price was $339,000 for single family homes, up 13% from $299,900 in 2014 and $205,500 for condo/townhomes, up 4% from the $197,000 of 2014.
There were 404 condo/town homes sold in 2015, compared to 399 sales in 2014. Strong condo demand was fueled by investors, with demand substantially exceeding available inventory in the market.
*All information was obtained by the Big Sky Country MLS and is deemed to be accurate but is not guaranteed. Please contact a Bozeman Realty Group Sales Associate for information.
Category : Market Insights