Bozeman August Market Update
School is in session again! The college kids are here and my social media platforms have been inundated with cute “first day of school” pics. It’s refreshing to see a vibrant, youthful community back in town. It’s the true signal to me that fall is on its way.
How has the market changed this past month?
Well, we’ve continued to see the trend towards a healthier, more balanced, market. Homes above the $1.2 million price tag show either a balanced market or a buyer’s market. The rest of the market is still a seller’s market, meaning there is less than six months of inventory. Don’t plan on seeing a huge swing unless there is an unforeseen financial crisis. Remember, the median sale price in August is still over 12% higher than the this time last year.
As I like to tell people who ask, Bozeman is a highly insulated market with high demand and wealthy residents. Here’s a quick list of a few things that make Bozeman desirable: two local ski resorts, a college campus, access to outdoor recreation, and great job opportunities in health and tech.
What are your expectations for next month?
The fall season is historically accompanied by a slower market with less inventory coming onto the Multiple Listing System (MLS). Plan to see the median list price for homes to start settling as well as an increase in median days of homes on the market. Remember to not compare this market to 2020 and 2021, and instead think of future growth rates as an extension of the 2019 trajectory, albeit property owners have much more equity in their homes than ever before expected.
I’m looking forward to my next market update when I can reflect on the month of September. It will inevitably come with a (slightly) cooler market and lovely cool weather.
Recent Sales Trends
The statistics above highlight key market indicators for Bozeman, Montana. The data in the Sold Listings table is based on homes sold within the month of
August 2022.
Current Market
The statistics above provide an up-to-date snapshot of the listed inventory as of September 6, 2022. Median days on market is a good indicator of the average length of time the current inventory has been on the market. The high price, low price, and median price provide context for the prices buyers and sellers can expect to encounter in this area.
Homes Sold
| Data provided by Big Sky Country Association of Realtors, and Montana Regional MLS. All information is deemed reliable but not guaranteed.
