1. Home prices in Bozeman at an all-time high
Currently, the median sales price of a single-family home is $575,000, up 15% from $487,500 at this time last year*. Home prices have been climbing every month of 2020. It’s hard to predict what this new year will bring to the real estate market in Bozeman, but right now you can't wrong if you want to sell your home in Bozeman.
A seller’s market is when the demand exceeds supply and that has been the case in Bozeman even before Covid. With so many homebuyers in Bozeman, any time a house hits the market there are tons of showings, multiple offers, and homes going for well over asking. This is often the case in the first-time homebuyer price ranges, however, this year we are seeing it across all price ranges. The competition in Bozeman is intense right now for buyers making it an ideal time for sellers.
3. Everyone is moving to Bozeman
There has been an explosion of new people moving to Bozeman this year. We have always been a growing community, making it on national Best Places to Live lists over and over. However, Covid has put this in overdrive. This means when you list your home you not only have local buyers competing for it, you have many out of state, potentially cash buyers. Many people are moving from places where real estate is more expensive than here so they can outbid our local buyers. With the number of people working remotely and our access to an international airport, out of state buyers are going to continue to set their sights on Bozeman.
4. Mortgage rates are low
Even prior to Covid, real estate professionals predicted mortgage interest rates would remain low. For most of 2020, they stayed below 4% and the pandemic lowered it even more! As of early December, interest rates were at a record low of 2.71% for a 30-year, fixed-rate (according to Freddie Mac). This is one of the reasons that contribute to the number of buyers. This is another positive for home sellers because it means you have plenty of buyers looking at your home and if you are buying a replacement home you get the advantage of low-interest rates.
5. Experts predict 2021 will be a year of continued high demand
2020 has been quite a year for real estate in Bozeman. Most experts agree this will most likely continue in 2021 making right now or anytime in the near future a great time to sell your home!
*Big Sky Country MLS InfoSparks