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Bozeman’s Resilience & Big Sky’s Attractions Fuel Continued Real Estate Allure

By Taylor Owens

The allure of Southwest Montana persists even as national real estate markets slow down. Gallatin County stands out as one of the fastest-growing counties in the United States. Private jet usage at Yellowstone International Airport increased 5-6% last year, and investors continue to eye the area as reflected by nearly 40% of 2023’s Bozeman home sales closing in cash or 1031 exchange transactions.

While the national median home price fell 7.1% in 2023 to a $425k, Bozeman pricing continued to climb with a 1.7% year over year increase to a median home price of $748k. However, this is a marked reduction from the 16.7% growth in pricing Bozeman experienced from 2022 to 2023.

“One of the most prominent trends we’re seeing is a return to more normalized yearly price increases,” Eli Kretzmann said, sales agent at Outlaw Realty. “While Bozeman home prices are still above the national average, prices have flattened out in the past year.”

Closing out 2023, one of the biggest changes seen in the market was price reductions. Stagnating inventory began forcing sellers to realize the COVID pricing high is a thing of the past and they must price accordingly for this newly normalizing market.

“Generally, the market has cooled from COVID highs, and many buyers and sellers remain on the sidelines with the current rate environment and home pricing,” EJ Daws said, supervising broker at Outlaw Realty. “Homes that are unique or well-positioned within the comparable market are still selling fairly quickly, with multiple offers, but days on market has increased to around 20-30 days.”

The flattening of the market in 2023 gave buyers a chance to catch their breath and negotiate a fair deal, but, without a massive influx of inventory, large, market-wide price drops are not expected…

 
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