Bozeman Condo and Townhome Market Update: More Inventory, Slower Sales

Summary: Bozeman’s condo and townhome market has come well off its 2022 peak. The median condo and townhome price is down about 14% from that high, unsold listings have roughly quadrupled, and days on market have stretched from a matter of days to roughly two and a half months. The overall segment now sits at about 6.3 months of supply.

For buyers, that means more options and more negotiating room than they had during the most competitive years. For sellers, it means pricing strategy matters more than it did when inventory was tighter and homes were moving faster.

Note: The data below reflects condos and townhomes in Bozeman + the Greater Bozeman Area. Each year is measured year-to-date through the end of April. All statistics are courtesy of the Big Sky Country MLS. 

What is happening in Bozeman’s condo and townhome market?

After several years of fast-moving conditions, Bozeman’s condo and townhome market has become slower, more inventory-heavy, and more price-sensitive. That does not mean prices have fallen dramatically. The median sales price for condos and townhomes was $481,500 in 2026 year-to-date, compared to $489,000 during the same period in 2023. That is a decrease of about 1.5% over three years. But the market around those prices looks very different.

In 2023, the median condo or townhome sold in 22 days. In 2026 year-to-date, that number has stretched to 74.5 days. Unsold listings, meaning listings that were withdrawn, canceled, or expired, have also increased from 29 in 2023 to 73 in 2026.

So the short version is this: prices have held relatively steady compared to 2023, but the pace of the market has slowed considerably.

Are Bozeman condo and townhome prices going down?

Not in a dramatic way, but they are below the 2022 peak. The median sales price for condos and townhomes in Bozeman + the Greater Bozeman Area has moved up and down over the last few years:

The 2026 median price is lower than both 2024 and 2025, and slightly below 2023. It is also down about 14% from the 2022 peak of $560,750, which is the post-pandemic high-water mark this segment has been working its way down from.

That suggests values have not collapsed, but buyers are no longer moving through the market with the same urgency.

How quickly are Bozeman condos and townhomes selling now?

This is where the change is much more obvious. Compared to 2023, median days on market have more than tripled. New listings are also up significantly, which means buyers are seeing more choices and sellers are facing more competition.

This is a meaningful shift from the market many Bozeman sellers got used to, where well-priced attached housing could move quickly, and buyers had fewer alternatives.

Are Bozeman condos and townhomes moving into buyer’s market territory?

One of the clearest ways to measure a market is months of supply, or how long it would take to sell every active listing at the current pace of sales. In real estate, four to six months of supply is generally considered balanced. Below that tends to favor sellers. Above that tends to favor buyers.

Bozeman’s condo and townhome supply has moved a long way.

In early 2021, this segment had well under one month of supply, meaning almost everything that came on the market sold quickly. Through April 2026, the overall condo and townhome market sits at roughly 6.3 months of supply, the slowest pace in years and a level where the math begins to tip toward buyers.

Are sellers still getting close to their asking price?

Sellers are still selling, but they are giving up more from their original asking price. In 2023, condos and townhomes sold for about 97.0% of the original list price. In 2026 year-to-date, that has dropped to about 94.2%.

The shift from the 2022 peak is even sharper. Back then, sellers were averaging about 101.9% of original list price, meaning the typical condo or townhome sold for more than asking. Today’s 94.2% is nearly eight percentage points lower, which is the difference between a market where buyers compete aggressively and one where they have more room to negotiate.

For sellers, the market is less forgiving. For buyers, there may be more room to negotiate than there was in 2021, 2022, or even 2023.

How has the Bozeman condo and townhome market shifted overall?

1. Not everything is selling.
   Unsold condo and townhome listings increased from 29 in 2023 YTD to 73 in 2026 YTD.
2. Homes are taking longer to sell.
   Median days on market increased from 22 days to 74.5 days.

3. Sellers are receiving less of their original asking price.
   The percentage of the original price received dropped from 97.0% to 94.2%.

    

That combination gives buyers more leverage than they had during the most competitive years. But affordability is still tight, and well-priced properties can still move. A better way to describe the current market may be: more balanced, more selective, and more negotiable.

What does this mean for buyers?

For buyers, the current condo and townhome market may offer more opportunities than it has in several years. There are more listings to compare, more properties sitting on the market, and more sellers adjusting expectations. Buyers may have more room to negotiate on price, repairs, closing costs, or other terms.

That said, affordability has not suddenly become easy. A lower median price does not automatically mean a lower monthly payment, especially with today’s interest rates and HOA costs. Buyers still need to look carefully at the full cost of ownership.

It is also worth being honest about what is driving the slowdown. The biggest factor is not necessarily falling demand for Bozeman. It is the cost of borrowing. With 30-year mortgage rates still well above where they sat in 2021 and 2022, the monthly payment on a median-priced condo can be meaningfully higher today even though the price tag is roughly flat. 

That is the real squeeze on entry-level buyers, and it is also why patient, well-qualified buyers have more leverage right now. The advantage today is not “cheap housing.” It is more choice and less pressure.

What does this mean for sellers?

For sellers, the biggest takeaway is that the market is less forgiving. A few years ago, limited inventory gave many sellers more room to push price. Today, buyers have more alternatives, and properties that miss the mark may sit longer. That does not mean sellers cannot do well. It means the strategy matters.

Pricing, condition, photography, staging, timing, and buyer perception all matter more in a slower market. The first impression matters, and the original list price matters. Overpricing can lead to longer days on market, price reductions, and a weaker negotiating position later.

The bottom line

Bozeman’s condo and townhome market has not fallen apart. But it has clearly cooled from the faster, tighter conditions of the last few years. Prices are roughly back near 2023 levels and down about 14% from the 2022 peak, while inventory has increased, and homes are taking much longer to sell. The market is still moving, but it is moving differently. 

For buyers, that may mean more opportunity.

For sellers, it means strategy matters more than ever.

As Bozeman continues to wrestle with affordability, condos and townhomes will remain an important part of the local housing conversation. They are not a perfect solution, but they are one of the more attainable ownership options in a market where single-family homes remain out of reach for many buyers. 

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