This month, we are expanding our focus outside of Bozeman to see how Belgrade’s real estate market is performing.

From January 1st through August 1st of this year; 159 single-family homes sold in Belgrade at a median sold price of $609,000. Contrary to current popular discussion, that makes 2025 busier than both 2024 and 2023. In 2024, 138 single-family homes sold in Belgrade at a median sold price of $583,500. That was remarkably similar to the same time period of 2023, when 134 single-family homes sold at a median sold price of $586,500.

This year, sales volume is down just slightly from 2022, when 168 single-family homes sold during the same period. However, median sold pricing is above 2022, when it came in at $599,500. Looking back at the first seven months of 2021: 192 single-family homes sold at a median sold price of $508,000. Previously, in 2020 and 2019, the numbers were 239 sales at a median sold price of $359,000 and 234 sales at a median sold price of $335,500, respectively.

Condo and townhouse sales tell a slightly different story. So far this year, 59 units have sold at a median sold price of $455,000. That’s down from 73 units in the same time period last year at a median sold price of $467,000.

The sales volume trend has been a little volatile the past few years for condo and townhouse sales; from 2019 to 2020, the number of sales nearly doubled, from 57 units in 2019 to 104 in the first seven months of 2020. Accounting for much of that increase was new construction, with 70 of the 104 units being new builds. In 2021, 82 condos and townhouses sold during the same time period. In 2022, 59 units sold through the first of August. Sales volume rose slightly in 2023 and 2024, with 65 sales in 2023, and 74 during the first seven months of last year.

Median sold pricing for condos and townhouse sales in Belgrade has been essentially flat. The $455,000 median sold price this year is down slightly from last year at $467,000, versus $468,900 in 2023. Looking back to the pandemic years: Median sold pricing rose nearly 19% from $283,000 in 2020 to $336,000 in 2021; it then rose another 20.8% to $406,000 in 2022.

The number of newly constructed single-family homes sold via the MLS in Belgrade has continued an upward trend that started last year after tapering for a few years. Newly constructed homes in Belgrade hit a high in 2020, when 96 new construction single-family homes sold in Belgrade in the first seven months. That was up from 65 newly constructed homes sold during the first seven months of 2019. In 2021, only 33 of the 192 single-family home sales posted on MLS were newly constructed. In 2022 and 2023 the trend continued, with 23 of 168, and 11 of 134 homes newly constructed during the first seven months of each respective year. Last year it ticked back up, with 28 of the 138 homes sold on the MLS being newly built, and this year it’s up considerably, at 58 new homes out of 159 total sold.

Looking at sales of new construction condos and townhouses, the numbers had been declining for a few years, but were also up slightly the last couple of years. In the first seven months of 2019, 31 of the 57 condo and townhouse sales were new construction. From January 1st through August 1st of 2020, 70 of the 105 units sold were new construction. During that period of 2021, only 20 of the 82 units were newly constructed, and in 2022, only 11 of the 59 units sold were new builds. The number was back up last year, with 33 of the 65 units sold being new construction. Last year and this year were down slightly from 23, but still well above 2022, with 26 new construction sales last year and 21 new construction sales this year.

These sales include only those homes sold via our local MLS. Many new construction homes sell directly from builder to buyer, without being posted on MLS, so that could account for some of the differences.

Time on market has continued to rise. Looking at median days on market: After remaining essentially constant from 2019 to 2020, when it was at 26 and 25 days respectively, the median DOM dropped in 2021 to five days, where it remained into 2022. In 2023, it started to rise, and grew to 13 days on market. Last year, it ticked up to 17 days. For the first eight months of this year, the median days on market for single- family homes in Belgrade is currently at 34 days.

As usual, I have included data for the number of single-family homes sold in Bozeman during the first seven months of 2025. Very interestingly, the number of single-family homes sold in Bozeman from January 1st through August 1st is the same this year versus last year. Current pending sales are at 94, which is down just slightly from this time last year, when 108 sales were pending, but fairly similar to the year before, when we saw 96 pending sales.

The included data reflects sales of homes in the greater Bozeman area, including Four Corners, Gallatin Gateway, Bridger Canyon, and within 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.