5 Stats You Should Know About Bozeman’s Real Estate Market in 2024 - Bozeman Real Estate Group
5 Stats You Should Know About Bozeman’s Real Estate Market in 2024

5 Stats You Should Know About Bozeman’s Real Estate Market in 2024

On Jun 11, 2024

Since mortgage rates started rising in 2022, Bozeman’s real estate market has shown signals of a slowdown in some ways and not others. For example, the number of homes listed and sold in Bozeman took a nose dive in 2023, but the median sales price of a home did not. Now, nearly halfway through 2024, we are seeing some very interesting statistics that signal increased confidence in the market but possible downward pressure on prices.

1) There have been nearly as many homes sold halfway through 2024 as there were in all of 2023

When mortgage rates started rising back in 2022, real estate activity took a nose dive. The number of homes sold in Bozeman dropped 28% between 2021 and 2023 as both buyers and sellers took a step back, presumably to wait and see what mortgage rates, and the real estate market would do. Now that mortgage rates have been hovering in the same range for nearly two years, it appears that both buyers and sellers are returning to the market. As of May 2024, there have been 384 homes sold in Bozeman, compared to 388 homes sold during the entire previous year.

2) The number of homes on the market is 28% higher midway through 2024 than it was for all of 2023

It was obvious that after the extreme rise in home prices we saw in 2020 and 2021 combined with mortgage rates doubling over the course of a year in 2022, many buyers were forced to take a step back. But it wasn’t just the buyers. The number of homes listed on the market in Bozeman dropped 28% between 2020 and 2023. Now, not even halfway through 2024, the number of homes listed on the market have increased 28% compared to all of 2023.

3) The percentage of homes closing above list price is the lowest it’s been since 2014

Unless you were living under a rock during the pandemic (we wouldn’t blame you if you were) you heard the absolutely crazy stories of multiple offers on homes within hours of them going live. In 2021, 46.1% of homes sold in Bozeman sold over the asking price. That number dropped to 18% in 2023 and is now at 13.8%, which is the lowest it has been since 2014.

4) Homes aren’t selling the way they used to

While the average number of days a home spends on the market is just 15 this year so far (pretty standard when you look at the pre-pandemic numbers), it is obvious that homes just aren’t selling the way they used to. Homes are requiring more marketing, open houses and price reductions to get to the closing table these days, and many aren’t even selling. There have been 190 expired listings in Bozeman this year, which is 69.6% higher than all of 2023. If you are selling this year, who you work with matters (shameless plug: click here find out how our marketing is different from the rest).

5) The number of homes purchased with cash or 1031 exchange is on track to be higher than ever

When prices exploded in 2020 and mortgage rates rose in 2022, so many buyers using traditional financing were pushed out of the market. On top of that, Bozeman drew attention as a hotspot for real estate investment, and the luxury market exploded drawing in wealthy buyers like we’ve never seen before. The number of cash & 1031 buyers in Bozeman peaked in 2022 at 41.6%, but 2024 is coming up right behind that at 40.1% for the year so far.

Another big change coming to the real estate market this year comes as a result of the recent litigation against the National Association of Realtors. Beginning in August, real estate agents representing sellers will no longer be able to advertise compensation for buyer’s agents. There are still many questions about how this will affect the industry as a whole, but here is what we know so far.

If you like to stay updated on what Bozeman’s real estate market is doing, sign up for our monthly market report newsletter.

The statistics in this article are courtesy of the Big Sky Country MLS.


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