Montana’s Get Rich Quick Scheme: Buying Real Estate in Bozeman
The Gallatin Association of Realtors just released its monthly real estate market update for Bozeman, and it's not good news for people hoping to purchase a home in the Bozeman area.
The median sale price for a single-family home in Bozeman is $812,750, according to the latest GAR update. Median sale prices increased by more than 45% in the last year, from $560,000 in January 2021 to $812,750 in January 2022.
The dream of buying a home has become increasingly difficult to attain for the average person living in Bozeman. The high housing prices in Bozeman are a result of high demand and low inventory. There were 20.2% fewer new listings in January 2022 compared to the same month last year. The inventory of homes for sale dropped 34.6% from 136 to 89.
Our real estate market has continued to experience historically low inventory and higher property values. Consistent with national trends, prices continue to climb with little indication of change in the near future.
said Joanna Harper, GAR Board President for 2022.
The median sale price for condos and townhouses in Bozeman also saw a 28.9% increase, from $368,500 in January 2021 to $475,000 in January 2022. According to the update, sellers received 100.1% of their list price, compared to 99.9% last January.
Gallatin Association of Realtors Board President Joanna Harper explained the latest Bozeman home price update in the following video.
Unfortunately, it doesn't sound like things are expected to get any better in the foreseeable future. Before long, you won't be able to buy a home for less than $1,000,000 in Bozeman. To read the full update from the Gallatin Association of Realtors, click here.