Bozeman Real Estate Report for July 2014

Tim Ford

The Real Estate market in and around Bozeman continues to heat up, with activity levels at or above record highs. Prices are rising rapidly and approaching peak levels, although perhaps not quite there yet.  

During the first five months of 2007, the median sold price for homes located in and around Bozeman, including areas in the city limits as well as Four Corners, Bridger Canyon, Gallatin Gateway and Trail Creek was $322,000 while the average sold price was $423,926. In the first five months of 2014, the median sold price for those same areas is $320,000 while the average is $394,546.

Restricting the data to just homes located within Bozeman city limits, the median sold price for the first five months of 2007 was $299,900 and the average was $336,118. In 2014, the median sold price to date is $283,500 while the average is $327,380.

As of the date of writing this article, there are 403 homes on the market in and around Bozeman, with a low asking price of $235,000, a high of $7.8 million, a median of $585,000 and an average asking price of $870,816.

The rental market is also very strong and has been for the past few years. Bozeman is seeing record low vacancies and rapidly rising rent prices. With interest rates still remaining historically low, most would-be renters are finding that even with rising home prices, buying in Bozeman is still more affordable than renting. In most neighborhoods, a monthly mortgage payment with even a small down payment is often less than rent would be for the same home.

As usual, I have included data for the number of homes sold during the first five months of 2014. In addition to the 313 homes sold during this time period, another 157 homes are currently pending, or under contract, as of the date of writing this article.

The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and Bozeman city limits. The data includes home sales reported through the local Southwest Montana MLS, and does not include private party sales, Condominiums, or Townhouses. 

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