Is Bozeman Real Estate Heating Up Or Heading For a Deep Freeze?
The last couple of years has been record-setting when it comes to real estate here in Bozeman. Many homes have doubled in price, and even with those incredible increases, would-be buyers still have to try to outbid others.
So, is there any relief in sight? Well, that depends on who you ask.
I've been hearing from all kinds of folks 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 that the market is slowing down a little, and there aren't as many bids on homes as there were.
This is a good thing, right? I mean, it's a good thing if you're looking to buy a home and don't have a gazillion dollars in the bank. For those of us that want to become home buyers, this is the light at the end of the tunnel that we've all been waiting for, right?
According to data from Bozeman Real Estate Group, the median price for a single-family home in Bozeman is now just over 899,000 dollars. A townhome is 600k and a condo will run you 599,000.
Ok, so that's not really a decrease—in fact, that's more of an increase.
Maybe that whole "light at the end of the tunnel" thing was a little premature. So, is it just Bozeman? What about towns around the Bozeman area, what does that look like? Let's take a look at Belgrade.
The median price for a single-family home in Belgrade is 578,000. That's a whole heck of a lot cheaper than the 900K here in Bozeman, even with the high gas prices. It isn't just Belgrade that's cheaper, though; Livingston and Three Forks are both significantly cheaper than Bozeman as well.
Well, that's not news. I mean, it's always been that way, right?
What is interesting to look at—and keep in mind, I'm not an expert—is the number of homes listed vs the number being sold. When you look at June 2021 compared to June 2022, here are the numbers:
In June of 2021, there were 228 new listings in Bozeman compared to 217 in June of 2022. So, not a big difference, just 11 houses. What about homes sold? In June of 2021, there were 166 homes sold compared to 123 in June 2022.
So there is a bit of a drop-off.
What does that mean for those of us looking to buy a home? Who knows. With inflation and increasing interest rates, it certainly can be confusing for a whole lot of folks. My advice to you is if you're thinking of buying a home, make sure that you weigh all of your options and have all of your ducks in a row, and work with people that you trust.