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Bozeman Real Estate Market Report | August 2023

Bozeman Real Estate Continues to Rise: Breaking Down the Numbers

  • Prices in the Bozeman area continued their upward trajectory, contrary to expectations for a market correction, rising 3.5% from $825k to $855k.
  • The average price for non-acreage, single-family homes in Bozeman increased 11% making the median SFH sale price $1.05M.
  • The number of homes sold above $1 million remained steady, and there was a significant increase in homes sold above $2 million compared to the previous month.

Quick Sales: Bozeman Homes Spend Only 18 Days on Market

  • The average days on the market for homes in Bozeman has shown fluctuations over the past year.
  • Currently, homes are spending an average of 18 days on the market, a significant reduction from the peak of 52 days in January.
  • Sellers have become more realistic in pricing their homes, aligning them with fair market values, prompting quicker buyer decisions.
  • Likely cause by a growth of motivated sellers within the market, despite prices continuing to rise there are deals to be found.

Supply Growth: Bozeman Real Estate Market Growing

  • In addition to a growing amount of homes moving off the market, there was a large growth in inventory with 174 new homes on the market in August.
  • Last month, new listings grew by over 3% compared to July 2023, and were also 14% higher than August 2022.

Market Balance: Bozeman’s Average Sale-to-List Price Remains Steady

In the Bozeman Market, home sellers are consistently achieving their desired outcomes, resulting in an average sale-to-list price of 98%. This statistic closely mirrors the year-over-year data from August 2022, indicating a sustained level of consistency. Over the past three years, negotiations have become increasingly significant, contributing to a more balanced market. It’s important to remember, however, that each transaction’s context is vital. Successful deals still hinge on smart pricing, and whether to offer above or below the asking price should be carefully considered on a case-by-case basis in consultation with a real estate agent.

Things To Consider: In The Bozeman Market

Mortgage rates have surged past 7.5% this month, leaving a notable impact on the real estate market. While inflation, a key concern for the Federal Reserve, has started to ease, it still remains below the Fed’s target. This shift in mortgage rates emphasizes the need for prospective homebuyers to carefully consider their financing options in this evolving economic landscape.

In conclusion, while the market is experiencing some interesting supply and price fluctuations, it’s important to stay informed. Feel free to reach out to the Outlaw Realty team for more information or assistance with your real estate goals.

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