Changes Coming? Home Prices Drop For The First Time in a Year
Could this be a sign of things to come?
Bozeman Real Estate Group is reporting that for the first time since June 2021, median house prices have fallen in the Bozeman area. That's right! Home prices have dropped in Bozeman, and this might have some folks hopeful about the future.
According to the statistics from Big Sky Country MLS, median home prices have dropped from $769,000 to $735,000. This is the first drop since June of 2021, when median home prices saw a decrease from $623,000 to $620,000. As you can tell, the June 2022 price drop is more significant than the 2021 decrease.
We've talked at length about the skyrocketing housing prices in Bozeman and the lowest-priced homes in Bozeman. Many have been hoping that the increase in housing prices will start to slow down, and we'll eventually see a downward trend. Hopefully, this is the start to getting back to reasonable prices.
Unfortunately, many locals have left the area because housing has become so expensive. The place they once loved has become somewhere they can no longer afford to stay. Even affordable housing hasn't been resolved in Bozeman, and it's becoming a critical issue.
With this drop in median home prices, however, many of us can hope that the market is starting to correct itself. Bozeman used to be a city where you could buy a home, and it didn't cost almost three-quarters of a million dollars. That's almost an unfathomable amount of money to spend on a home in Montana.
Does this give you hope for the future of housing prices in Bozeman, or do you think this is insignificant?
For more details, check out the Bozeman Real Estate Group.