Is Bozeman Real Estate warming up or heading for a deep freeze?

The last two years have been record breaking for real estate here in Bozeman. Many homes have doubled in price, and even with these incredible increases, potential buyers still have to try to outbid others.

So, is there any relief in sight? Well, that depends on who you ask.

I’ve heard all kinds of people say that “the bubble is about to burst”, “we can’t continue at these prices” and “the market is getting ready to correct itself”. I talk to my real estate friends and they tell me the market is slowing down a bit and there aren’t as many offers on houses as there used to be.

That’s a good thing, isn’t it? I mean, it’s a good thing if you’re looking to buy a house and you don’t have a billion dollars in the bank. For those of us who want to become homebuyers, this is the light at the end of the tunnel we’ve all been waiting for, isn’t it?

According to data from Bozeman Real Estate Group, the median price of a single-family home in Bozeman is now just over $899,000. A townhouse costs 600,000 and a condo will set you back 599,000.

Ok, so it’s not really a decrease – in fact, it’s more of an increase.

Maybe this whole “light at the end of the tunnel” thing was a little premature. So it’s just Bozeman? What about the towns around the Bozeman area, what is it like? Let’s take a look at Belgrade.

The median price of a single family home in Belgrade is 578,000. That’s a lot cheaper than 900K here in Bozeman, even with the high gas prices. It’s not just Belgrade that’s cheaper, though; Livingston and Three Forks are also significantly cheaper than Bozeman.

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Well, that’s not news. I mean, it’s always been like that, right?

What’s interesting to watch – and keep in mind that I’m no expert – is the number of homes listed versus the number of homes sold. When you look at June 2021 versus June 2022, here are the numbers:

In June 2021 there were 228 new listings in Bozeman compared to 217 in June 2022. So not a big difference, just 11 homes. What about homes sold? In June 2021, there were 166 homes sold compared to 123 in June 2022.

So there is a bit of a disconnect.

What does this mean for those of us looking to buy a home? Who knows. With inflation and rising interest rates, this can certainly be confusing for many people. My advice is that if you’re thinking of buying a home, make sure you weigh all your options and have all your ducks in a row, and work with people you trust.

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