As one of the top independent brokerages in the region, our commitment at Outlaw Realty is to provide our customers with updated and easy-to-understand market data. This market knowledge separates us and helps our customers stay informed about the interesting dynamics of real estate.
The first quarter of 2026 closed with some of the most encouraging real estate activity we’ve seen in a few years. More sales, more listings, and buyers coming back off the sidelines. The headline numbers tell a straightforward story.
GREATER BOZEMAN – Q1 2026 vs Q1 2025
Median Sales Price down 6%
Closed Sales up 8%
New Listings up 8.6%
Days on Market up 2%
Prices pulled back modestly year over year, but the volume tells a better story. More transactions closed, more homes came to market, and the pace held. That’s a healthy market finding balance, not one in trouble.
BOZEMAN – MARCH BY PROPERTY TYPE
Single-family homes
March was a strong month for single-family. 62 homes closed at a median price of $772,500, with sellers receiving an average of 98.2% of the final list price. Median days on market came in at just 15, and 57 new contracts were signed. 92 new listings hit the market. End-of-period inventory stood at 187 homes with 3.0 months of supply, a tight number that favors sellers in this segment.
Year over year, closed sales were up 40.9%. Compared to February, they were up another 29.2%. The single-family market in Bozeman has real momentum right now.
Condos and Townhomes
The attached market is more balanced. 29 units closed in March at a median of $525,000, with sellers averaging 97.7% of the list price. Days on market ran longer at 39. End-of-period inventory was 172 units with 5.9 months of supply, approaching the 6-month threshold that defines a balanced market.
New pendings jumped 113.6% compared to February, which is worth paying attention to. That kind of month-over-month spike in contracts suggests buyers who had been hesitating are starting to move. If that holds into April, condo inventory will tighten.
BIG SKY AREA – MARCH
Single-family homes
8 single-family homes closed in Big Sky in March at a median price of $5,475,000, up 37.4% from March 2025 and up 85.6% from February. Closed sales doubled year over year. The average sale came in at 94.4% of the final list price with a median of $1,246 per square foot. Inventory stands at 66 homes and 8.2 months of supply, which gives buyers options but is well within a normal range for a market at this price point.
Days on market averaged 148, which reflects the nature of high-end resort real estate more than any softness in demand. These transactions take time. The 236% year-over-year increase in days on market is worth noting, but shouldn’t be read as a warning sign. It’s a function of the product mix closing in March versus last year.
Condos and Townhomes
10 condos and townhomes closed in Big Sky at a median of $1,790,000, with sellers averaging 98.5% of list price and $935 per square foot. New pendings came in at 19, up 171.4% year over year and up 72.7% from February. New listings were up 92.9% from February. There’s real activity building in this segment heading into spring.
Inventory is at 109 units with 10.9 months of supply, so there’s room for buyers to negotiate. But the pending activity suggests that the window may be shorter than the inventory number implies.
The Takeaways
Both markets are moving in the right direction. Bozeman’s single-family segment is as tight as it’s been in a while, with sub-20-day median market times and close-to-ask pricing. The condo side is more buyer-friendly but showed a significant spike in pending activity in March that will bear watching.
Big Sky is coming off a strong ski season with transaction momentum building across both segments. The median price numbers move around month to month, given the small sample sizes and wide price range of the product, but the directional signals are all pointing the right way. More closings, more pendings, more listings.
Spring is here. If you’re thinking about making a move in either market, now is a good time to have the conversation. Reach out to our team for a custom neighborhood report, or a valuation on your own property.
Outlaw’s have decades of deep commitment to this real estate market. We live here and we work here, for you.
