Belgrade Real Estate Report
by Tim Ford
This article generally focuses on the Real Estate Market in Bozeman; however, the community of Belgrade is a vital part of the Gallatin Valley as well. This month, we’ll take a look at how the Real Estate Market has fared for our neighbors to the west.
From the first of the year through August 1st of this year, 234 single family homes have sold in Belgrade at a median sold price of $335,500. This is compared to 197 single family homes sold during the same time last year at a median sold price of $318,000. This equates to a 5.5% increase in median sold price. The 37 additional home sales represent a nearly 19% jump in sales volume.
The data is also interesting for condo & townhouse sales. 55 units sold during the first 7 months last year while 57 units sold this year. Median sold pricing increased nearly 24% from $210,000 to $260,000.
The month’s supply of homes has increased from this time last year to present, albeit it slightly, rising from 2.0 months to 2.6 months. This is the number of months it would take to sell the current homes on the market at the current pace. A lower number generally constitutes a seller’s market, while a higher number indicates a buyer’s market.
The market for new homes in Belgrade has remained pretty constant over the past 3 years. 65 new construction homes have sold thus far this year through our local MLS. This is compared to 66 new construction homes sold during the first 7 months last year, and 55 the year before.
Days on market has increased slightly from last year to this, although remains very low. The median days on market for the entire Belgrade residential market was 15 days for the first 7 months of last year and rose to 26 days this year.
As usual, I have included data for the number of single-family homes sold in Bozeman during the first seven months of 2019. Note the similarities in sales volume from last year to this. In addition to the 575 homes sold during this time period, another 165 homes are currently pending, or under contract, as of the date of writing this article. This time last year, the number was very similar with 171 homes pending.
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 Big Sky Country MLS and does not include private party sales, condominiums, or townhouses.