Nationwide home prices have fallen for the 7th month in a row.* Mortgage rates have not come down which has kept many buyers on pause while everyone waits to see what the housing market does. We have seen an increase in Bozeman homes for sale which has helped ease the tight real estate market. But, what does this mean for home prices in Bozeman, Montana? Are prices dropping? Let’s dig in.
The median sold price for residential (single-family, townhome, condo) properties in Bozeman peaked in February 2022 at $812,475. After that, it hovered in the high $700,000's dropping below $700K in February 2023.** This indicates that home prices are not increasing at the rate they were previously in Bozeman, but are not dropping drastically.
How long a property spends on the market is another indicator of what home prices might do. In Bozeman, we saw homes going under contract nearly the same day they were listed during the early days of the pandemic. In the summer of 2022, we began to see days on market creep up. As we have entered spring 2023 we are starting to see those numbers come back down making many believe prices probably won’t be dropping much during the busy real estate season.
Looking at the prices of homes for sale and what you get for your money shows that real estate in Bozeman is still high and probably not dropping any time soon. Nearly half of the current residential listings in Bozeman are over a million dollars! Price reductions are happening more frequently as listings spend more time on the market which would indicate prices dropping, however, it's important to note that we are seeing the majority of price reductions in the over-a-million dollar price range.
As of April 2023
Based on these numbers it's fair to say we have seen a cooling down of the real estate market so far in 2023. This was bound to happen as the craziness of 2020-2022 had to slow at some point. While in many parts of the country, home prices are dropping drastically we are not seeing the same for Bozeman homes for sale. What we are seeing is prices stabilizing. As we enter the busy season in real estate we expect things to start moving and prices to remain steady. To keep up to date on current market conditions in Bozeman and the surrounding areas, click here.
**Statistics from Big Sky County MLS Domus Analytics
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