We get it – if you’re thinking about buying a home in Bozeman, Montana, then it’s only fitting that you want to familiarize yourself with the market. During the last few years, the Bozeman real estate market has soared – with home sales hitting record highs and inventory hitting record lows. So, it’s normal that you may be asking the question: “How Much is a Home in Bozeman, MT?”. To learn more about the current housing market, keep reading below! And, if you have any pressing questions, Bozeman Real Estate Agent Jeremy Seglem at Sotheby’s International Realty is a wealth of knowledge.
Why are home prices so high in Bozeman, MT?
As we discussed earlier, Bozeman home prices have soared in the recent years, primarily since the COVID-19 pandemic. The increase of housing demand has not only affected Bozeman, but all of Big Sky and Gallatin County – including Belgrade, Manhattan, and even Three Forks.
So, why are people moving here, you ask? Well, for starters – Bozeman is a beautiful small mountain town that features a plethora of outdoor amenities. From world-class skiing to fly fishing, and to everything in between – Bozeman is an outdoor adventurist’s haven. An article in the Wall Street Journal outlines some of the many reasons why people have been flocking to Bozeman for many years.
In addition to Bozeman’s beauty, trends show that Montana real estate has increased due to an influx of people moving out of dense, urban areas. When the COVID-19 pandemic hit, we saw people moving out of large cities and trying to find safety and security within smaller towns, such as Bozeman.
However, that’s not the only people that are moving to Bozeman. Data from the U.S. Census Bureau actually shows that the highest amount of people moving to Bozeman are coming from other cities within Montana. More specifically, trends show that the most people from Montana moving to Bozeman are coming out of the Flathead Valley. After the Flathead, we see people moving from both Ravalli and Carbon Counties.
How Much is a Home in Bozeman, MT?
As we discussed earlier, home sale prices in Bozeman have gone up – even within the last year.
Basing data on the last 3 months from the Big Sky Country MLS, the home prices in Bozeman are as follows:
Median Price of a Single-Family Home in Bozeman: $884,000
Median Price of a Townhome in Bozeman: $495,000
Median Price of a Condo in Bozeman: $553,000
As you may know, various different factors can affect a specific price of a home. In addition to seeing a lot of home buyers circulating the area, we are also seeing a lot of new construction within the Gallatin Valley.
What Will I Typically See in My Price Range?
If you’re looking under $400,000, chances are you’ll find a few condos and sometimes an occasional manufactured home.
If you’re looking up to $600,000, you may begin to see a single-family home or two, but the majority of listings will be condos or townhomes.
If you’re looking in the $600,000 to $850,000 range, you will start to see more single-family home listings. However, you may still see some townhomes or higher-end condos, such as the newer condos being built in historic downtown Bozeman.
If you’re looking in the $850,000 to $1 million range, this is where the majority of your single-family homes will be. Again, you’ll also see higher-end condos in downtown Bozeman and even some nicer townhomes.
If you are looking in the $1 million and up category, this is where you’ll start to see larger homes within Bozeman and the surrounding areas. You’ll also start to see listings with more acreage and even single-family homes in historic downtown Bozeman. Again, there will also be higher-end condos in desirable areas within this price range.
