Real Estate Market Update

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It is fair to say 2020 has been rather a year! Last year we anticipated that 2020 would be a strong year for Bozeman property, however nobody could have predicted how the Covid pandemic would impact the marketplace. At the end of 2019, the median list prices of a single-family house in Bozeman was $489,850, and at the end of 2020 that has actually increased by 19% to $585,000.

1. Stock will stay low Low inventory has been a concern in Bozeman for several years, however since May of 2020, we have actually seen a drastic decrease in homes for sale.  Related Source Here  is not something we are seeing just in Bozeman, but nationwide. According to, inventory is extremely low all over with less than 500,000 houses for sale.

There are a handful of new neighborhoods being established in Bozeman, and a number of condos downtown increasing, however there will continue to be an absence of supply issue this year. 2. Demand will remain high Bozeman has been experiencing development for the past years and acquiring national attention as one of the finest locations to live.

What is Happening in Bozeman's Real Estate Market? - Bozeman Real Estate  Group

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With the variety of people continuing to work remotely and the desire to leave congested cities, we expect this to continue well into the brand-new year. Contributing to the need are regional house buyers looking to either acquire their very first home or upgrade, producing more demand for our struggling supply of houses readily available.

3. The outside communities will see an increase in interest With low supply and high need, local representatives agree that the surrounding Bozeman neighborhoods will see a boost in interest. Some home buyers are discovering that residing in Bozeman is merely not an alternative. Luckily there are great alternatives nearby.

With the mean sales cost of a single-family home around $374,000, Belgrade continues to be a more affordable choice. Livingston, Manhattan, and Three Forks will more than likely have more individuals looking to buy houses in their neighborhoods since they are all within travelling range to Bozeman, have more budget friendly real estate costs, and smaller town vibes.