Bozeman's real estate prices have been consistently high for many years and have only gone up further since Covid. However, prices have shown signs of leveling out in 2023 and most experts believe that this trend will continue in 2024 until interest rates drop. Once interest rates drop, we may see pent-up buyer demand create supply issues which could cause prices to rise once again. To get a better picture of Bozeman's real estate prices here are some things to consider -
If you look back 10-15 years Bozeman was still an affordable place to live. Around that time, it began to show up on a few "Best Places to Live" lists and we noticed an increased interest in people moving to Bozeman. This gained steam quickly and between 2018-2022 home prices in Bozeman nearly doubled! Several other contributing factors have led to the high prices. Click here to read more.
With high home prices, affordable housing has become a big issue in Bozeman. HRDC has been serving Gallatin County since 1975 and has been working hard to come up with solutions in the Bozeman area. They manage affordable rentals, emergency housing, and manage projects where residents can purchase homes at a reduced price. To find out more, click here. To read about upcoming affordable housing options in Bozeman, click here. There has also been an increase in condo and townhome developments in Bozeman which is providing more options for first-time homebuyers entering the market.
The amount of new development in Bozeman is enough to make your head spin! There is so much changing downtown with new buildings going up on both the south and north side of Main. Ferguson Farm, Midtown, and the northeast side are also seeing tons of development. The majority of these are mixed-use with commercial/retail on the street level and high-end condos on the upper levels. These developments are affecting Bozeman home prices in a big way. To stay up to date on Bozeman developments, sign up for our Local Info newsletter
As a college town and a hot spot for tourism, investing in Bozeman real estate has historically been a good bet. However, with high interest rates, and rising prices it's become more difficult. This doesn't mean it isn't still a great place for investment opportunities. While things have slowed down in the real estate market, the desire to live in places like Bozeman is not going away meaning home prices are likely to continue to appreciate. Click here to see investment properties currently for sale in Bozeman.
With Bozeman having the highest home prices in Gallatin County it's no wonder many have started looking at the surrounding communities for more affordable options. Belgrade is the closest, just 8 miles away, and while their prices are also rising they haven't caught up to Bozeman. Beyond Belgrade are Three Forks and Manhattan, which have both become popular choices nearby. Livingston is a short drive east over the hill and if you aren't afraid of the wind or driving the pass is a great option for more affordable living in a vibrant, small town.
To get a snapshot of what Bozeman real estate looks like, click here for our market report. Another great way to get an idea of what home prices are in Bozeman currently, click here. This post is continually updated and shows current listings in Bozeman within certain price ranges. To stay up to date on Bozeman real estate, sign up for our Markets Report newsletter here.
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