Bozeman closed 70 homes inside city limits in September, up from 50 a year ago. The median sale price fell from $726,895 to $610,000 over the same stretch.
Read those two numbers together and it looks like a contradiction. It isn’t. Prices didn’t drop. The buyers changed.
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The story under the headline: who is buying
Almost half of September’s Bozeman closings were condos and townhomes, 34 of 70. A year ago that number was 19 of 50.
The shift is even clearer at the entry level. Twenty homes sold under $500,000 in Bozeman this September. In September 2025, four did. Year to date, sub-$500K closings are up 45%, from 105 to 152.
That’s first-time buyers, downsizers and investors coming back into a price band that was frozen in 2025. When more of the sales happen at the lower end, the median slides even if individual home values hold.
| Bozeman City Limits         | Sept 2026   | Sept 2025   |
|---|---|---|
| Closed sales | 70 | 50 |
| Median sale price | $610,000 | $726,895 |
| Condo and townhome sales | 34 | 19 |
| Sales under $500K | 20 | 4 |
| Median days on market | 28 | 20 |
| Sale-to-list price | 97.9% | 98.4% |
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Single-family homes: steady, not falling
Strip out the condos and the picture is calmer. The year-to-date median for a Bozeman single-family home is $768,000, compared with $785,000 at this point last year. That’s about 2% softer, which is noise in a market this size.
Homes are taking a little longer to sell, 28 days at the median versus 20 last September, and sellers are giving up slightly more at the table. Buyers have room to negotiate. They don’t have room to wait for a crash that the numbers aren’t showing.
There are 268 active residential listings in Bozeman city limits right now and 81 pending. At the current pace of sales, that’s about 3.6 months of inventory. Balanced, with a slight tilt toward buyers.
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Big Sky: the best year for volume in a while
Greater Big Sky closed 26 homes in September, up from 16 a year ago. Year to date the area is at 155 closings versus 131, an 18% gain.
About 70% of Big Sky’s September sales were condos and townhomes, which is typical heading into ski season as buyers lock in something before opening day.
Low volume makes Big Sky’s monthly median jump around, so we track it as a smoothed trend. Year to date, the median sits a bit above $2.1 million, roughly in line with last year. Inventory is deeper than Bozeman at about 173 active listings, close to 11 months of supply, and homes are closing around 96% of list price. That’s roughly where 2025 landed, and well below the full-price years of 2021 and 2022. Buyers have real negotiating room.
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Belgrade: flat price, steady demand
Belgrade closed 27 homes in September against 34 last year, but year to date it’s up 7%, 324 closings versus 303. The year-to-date median of $549,500 is flat to 2025.
Belgrade continues to be the value play in the valley for buyers who want a newer single-family home under $600,000. We break that trade-off down in detail next week.
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What it means for you
- Buyers:Â The entry-level window is open. More sub-$500K inventory is actually closing, and sale-to-list ratios below 98% mean there’s room to negotiate.
- Sellers:Â Price to the market you have, not the one from 2021. Homes priced right are still moving inside a month.
- Big Sky buyers:Â Big Sky is still a negotiating market. Pre-season is when the best condo inventory trades.
Want the numbers for your neighborhood or building? Talk to an Outlaw agent or explore our live Bozeman and Big Sky market data.
Outlaw Realty | Big Sky & Bozeman
