Bozeman Area Real Estate Market Spikes in August

The August real estate statistics have been released for the Gallatin County.  According to the numbers provided by GAR (Gallatin Association of Realtors), the local residential home market has spiked.

For Gallatin County, the median sales price of a single-family home increased over $88,000 from July 2020 to August 2020. In that same time period, the average sales price rose by $159,090 in one month.

The greater Manhattan area saw the sharpest increase where the median sales price is up almost 60% ($237,950) from last year.

One thing to remember when glancing over the numbers below is the difference between "average" and "median." The "average" combines all of the homes that were sold and adds them up for a total that is then divided by the number of homes sold. Where the "median" is the middle value in the list of all the homes sold.

Gallatin County Market Stats:

• Median Sales Price of Single-Family Home - Increased by $88,450 in one month. In August of this year, the median price of a single-family home was $575,450 compared to $487,000 in July 2020.
• Average Sales Price of Single-Family Home - Increased by $159,090 in one month. In August of this year, the median price of a single-family home was $766,952 compared to $607,862 in July 2020.

Bozeman City Limits Stats:

• Median Sales Price of Single-Family Home - Increased by 21.5% or $94,500 in one year. In August of this year, the median price of a single-family home was $575,500 compared to $481,000 in July 2019.
• Average Sales Price of Single-Family Home - Increased by 18% or $94,884 in one year. In August of this year, the median price of a single-family home was $622,766 compared to $527,882 in July 2019.

Belgrade Stats:

• Median Sales Price of Single-Family Home - Increased by 6.4% or $21,325 in one year. In August of this year, the median price of a single-family home was $355,225 compared to $333,900 in July 2019.
• Average Sales Price of Single-Family Home - Increased by 13.6% or $49,702 in one year. In August of this year, the median price of a single-family home was $415,690 compared to $365,988 in July 2019.

Manhattan Area Stats:

• Median Sales Price of Single-Family Home - Increased by 59.9% or $237,950 in one year. In August of this year, the median price of a single-family home was $635,450 compared to $397,500 in July 2019.
• Average Sales Price of Single-Family Home - Increased by 27.2% or $133,340 in one year. In August of this year, the median price of a single-family home was $623,575 compared to $490,235 in July 2019.

Three Forks Area Stats:

• Median Sales Price of Single-Family Home - Increased by 3.3% or $10,950 in one year. In August of this year, the median price of a single-family home was $345,950 compared to $335,000 in July 2019.
• Average Sales Price of Single-Family Home - Increased by 10% or $35,791 in one year. In August of this year, the median price of a single-family home was $393,706 compared to $357,915 in July 2019.