GAR President: Bozeman Real Estate Market "Impressive"

An Unbiased View of Billings marketplace

It is reasonable to state 2020 has actually been quite a year! Last year we anticipated that 2020 would be a strong year for Bozeman property, however no one could have anticipated how the Covid pandemic would affect the marketplace. At the end of 2019, the typical prices of a single-family home in Bozeman was $489,850, and at the end of 2020 that has actually increased by 19% to $585,000.

1.  This Piece Covers It Well  will remain low Low stock has been a concern in Bozeman for a number of years, however considering that May of 2020, we have actually seen a drastic decrease in houses for sale. Low inventory is not something we are seeing only in Bozeman, but nationwide. According to, inventory is incredibly low everywhere with less than 500,000 houses for sale.

There are a handful of new subdivisions being developed in Bozeman, and several condos downtown going up, however there will continue to be an absence of supply issue this year. 2. Demand will stay high Bozeman has been experiencing development for the previous years and gaining national attention as one of the best locations to live.

Market Updates - Bozeman Luxury Real Estate

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With the number of individuals continuing to work from another location and the desire to leave congested cities, we anticipate this to continue well into the brand-new year. Contributing to the demand are local house buyers seeking to either buy their very first home or upgrade, producing more demand for our having a hard time supply of houses available.

3. The outdoors communities will see a boost in interest With low supply and high need, local representatives concur that the surrounding Bozeman neighborhoods will see a boost in interest. Some home purchasers are discovering that residing in Bozeman is just not an alternative. Thankfully there are fantastic options close by.

With the typical sales cost of a single-family home around $374,000, Belgrade continues to be a more cost effective alternative. Livingston, Manhattan, and 3 Forks will more than likely have more individuals wanting to purchase homes in their communities due to the fact that they are all within travelling range to Bozeman, have more budget-friendly real estate expenses, and smaller sized town vibes.