BOZEMAN REAL ESTATE BLOG

Real estate prices across Montana have increased significantly in the past several years. The mountain west has been growing in population for the past decade and the pandemic threw it into overdrive. Montana's population grew 1.5% this past year with 17,0000 new residents! (Forbes.com) So, how do real estate prices in Montana compare with the rest of the country?

According to the U.S. Census Bureau, the median home price across the country last spring was $450,600. Hawaii, California, and New York are known for having some of the highest real estate prices in the country, and this is due to a variety of factors such as high demand, limited supply, and desirable locations.  Hawaii being the highest has an average home price of $730,000 and California is at $683,000. While New York State's median home price may not be as high as Hawaii or California, the high cost of living in New York City and its surrounding areas does make it one of the most expensive areas in the country in terms of real estate. The state of New York has an average home price of $331,000, but when you look at New York City the price per square foot is more than $925. It's important to note that real estate prices can vary widely within each state depending on the specific location and other factors, so these median prices are just a general indication of the state's overall real estate market.

On the other end of the spectrum, the most affordable real estate prices can be found in Iowa, Indiana, Ohio, and Nebraska. All with median home prices under $200,000. 

WHERE DOES MONTANA FIT IN?

While Montana's real estate prices may be relatively affordable compared to some other states in the country, the prices can vary widely depending on the location within the state. Larger cities in Montana like Bozeman and Missoula have seen significant increases in home prices due to their growing populations and desirability as places to live. These cities are often more expensive than rural areas in Montana, which may still offer relatively affordable real estate options.

When you start looking at real estate prices in Bozeman, Montana we are right up there with the most expensive states! It's not uncommon to see prices over $800 per square foot in some of the new luxury condo developments downtown which puts Bozeman close to New York City and San Francisco prices per square foot! In addition to that, an article in USA Today states that homes with a million-dollar price tag fell 7% indicating that million-dollar homes are becoming less common across the country. However, in Bozeman, we are still seeing a high number of homes listed over a million dollars. Currently, there are 176 active residential properties for sale in Bozeman, and out of those 111 are listed at over a million! 

Compared to many states, real estate in Montana is expensive especially if you are looking at a popular spot like Bozeman. If you are thinking about moving to Bozeman, click here for the guide. If you are looking for other cities in Montana, find more information here. If a more affordable, small town in Montana is what appeals to you, click here. 

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