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Buyers and Sellers Facing a ‘Western Standoff’ in Bozeman, Big Sky Approaching Equilibrium

By Jack Reaney

This article was originally published in Explore Big Sky in May 2023.

It’s no 2021 or 2022, but so far, 2023 is Bozeman’s third-highest grossing year for single-family home sales.

In other words, Bozeman’s real estate market appears to have pulled through COVID stronger than before.

As interest rates have made homeowners reluctant to sell, Bozeman faces a low inventory of single-family homes for sale. Since the beginning of April, homes listed are averaging just 11 days on the market before they sell for over 98% of asking price—the April median was $866,085 across 54 sales—according to data from Multiple Listing Service, provided to EBS by Outlaw Realty.

Outlaw Realty is affiliated with Outlaw Partners, the publisher of Explore Big Sky.

Bozeman condos and townhomes aren’t too different. They’re selling in seven days, at above asking price with a median of $500,000 across 28 sales in April.

EJ Daws is a fourth generation Bozemanite, and has been a broker with Outlaw Realty for nearly eight years. He told EBS the decade following the Great Recession has been extreme, either booming or stagnant. Especially since COVID, people relocating to southwest Montana have kept supply low, he said, and the relationship between price growth and population has looked like a “hockey stick…
 
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