Intro to Bozeman

Is the Big Sky Real Estate Market Too Hot?

by Liz Nitz

Today I am looking at pricing and real estate market trends in Big Sky Montana.  This should serve to round out one’s perspective on real estate in southwest Montana – check my blogs on November 15 and 25th for more information on Belgrade and Bozeman. The four graphs below represent single family homes, condos and townhomes in 4 different price categories.  In the first graph, we see sold prices of homes below $295K.  You might think this looks like good news for buyers but if you factor in actually how many homes have actually sold and are on the market, you see that there are 2 single family homes listed and 9 condos.

Big Sky housing market median sales price by property type 295000

 

 

In the next category seen below, we have homes from 295K to 512K.  In this category, pricing looks pretty flat in 2019.  But factor in that there are no single family homes and only 20 condos on the market currently.

Big Sky housing market median sales price by property type 295000-512000

 

 

In the next category seen below, we have home from 512K – 1.1M.  Things get a little interesting here as we see median prices for single family at 947K and condos at 752K.  Townhomes and Single family homes especially reflect pretty large increases this year which is, of course, a function of little supply and big demand.  As we sit today, there are 3 single family homes on the market right now and no townhomes but there are 24 condos in this price category available.

Big Sky housing market median sales price by property type 512000-1100000

 

 

In the last category, we see everything over 1.1M.  And we see increasing prices this year in the single family and condo categories.  There are currently 56 single family homes on the market and 58 condos.  Clearly, this is where the developers and builders are concentrating and where they perceive the demand to be.

Big Sky housing market median sales price by property type 1100000

 

 

The Big Sky market is different than our other SW Montana housing markets as it is primarily made up of second homes.  The second homes are owned by mostly outsiders or non Montanans.  Their money has come from the booming economy and record stock market that we have seen in the past few years.  I think that as long as that continues, all will be good in Big Sky as it is a beautiful place with many amenities.  However, all economics are cyclical and at some point, we will have some kind of slow down in the US and world economy.  At that point we will see this Big Sky market slow as well and like most second home markets, it will probably take a bigger hit than primary home markets and take longer to recover.   All home buyers need to weigh the risk against their financial situation to evaluate whether a second home purchase in a place like Big Sky is a good decision.

What Should Affordable Housing Look Like in Bozeman?

These numbers reflect sold pricing.  Remember that Montana is a non disclosure state so only licensed real estate professionals can access accurate data.  If you would like to dive deeper into market trends, please reach out and let’s have a conversation!  I hope you found this helpful – please pass it on!!

 

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The following homes listed below were just listed in the last 7 days. This seller’s market is hot so we keep a close eye on the latest inventory. Subscribe below for instant updates of your ideal criteria.

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104 Albrey Trail A, Bozeman, Montana 59718

104 Albrey Trail A, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,703Sqft
The Pines at Middle Creek is a premier condo community with patio-style homes. The Pines will have a total of 42 residences; all featuring single level living with 3 bedrooms, 2 bathrooms, and a 2-car garage. Air conditioning will be included in this phase as well. The floor plans were custom designed to have private patios between each of the units and only share a wall with the garage.
$469,900

885 Cottonwood Road, Bozeman, Montana 59718

885 Cottonwood Road, Bozeman, Montana 59718

3Bedroom(s)
3Bathroom(s)
0.14Acre
1,540Sqft
Amazing investment opportunity in a prime Bozeman location! Almost-new construction duplex situated across from the new Gallatin High School with incredible mountain views. Property consists of two units: one 2 bedroom/2 bathroom unit with two car attached garage, and one 1 bedroom/1 bathroom unit with dedicated parking space.
$719,900

1503 Wildflower Road, Bozeman, Montana 59715

1503 Wildflower Road, Bozeman, Montana 59715

3Bedroom(s)
2Bathroom(s)
0.93Acre
2,140Sqft
Home has Travertine rock accents on the exterior of the home. Also Travertine fireplace in the living room. Large back yard for lots of activities and large deck for barbarques and family gatherings. Open space in front of the home which is a park and common area for the residence. Master bedroom is on upper level with walk in closet and bathroom.
$759,900

960 Abigail Lane B, Bozeman, Montana 59715

960 Abigail Lane B, Bozeman, Montana 59715

3Bedroom(s)
2Bathroom(s)
1,950Sqft
Beautiful and immediate views of Steven's Pond await you at this contemporary condo that lives like a single family home.
$549,000

9439 Haggerty Lane, Bozeman, Montana 59715

9439 Haggerty Lane, Bozeman, Montana 59715

3Bedroom(s)
1Bathroom(s)
3.17Acre
2,616Sqft
This 2,616 sqft tri-level home, boasts 3 beds, 2 baths, two rock surround fireplaces, a sauna, an office/studio space & a custom dry bar perfect for entertaining! An abundance of natural lighting from all of the windows create beautiful views from each room. There's also plenty of storage and a partially finished basement ready for the next owner to leave their lasting mark.
$850,000

98 Sage Bloom D, Bozeman, Montana 59718

98 Sage Bloom D, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,558Sqft
Beautifully upgraded condo in 4 Corners! Hardwood floors continue throughout the first level including the master bedroom. New white and grey quartz countertops in the kitchen. Two extra bedrooms upstairs that share a bathroom. The bedrooms upstairs have amazing mountain views! Private fenced in patio to enjoy warmer nights and to let your dog roam! End unit with open space to the south.
$499,900

144 Higain Trail, Bozeman, Montana 59718

144 Higain Trail, Bozeman, Montana 59718

5Bedroom(s)
2Bathroom(s)
0.26Acre
2,775Sqft
Beautiful Middle Creek Parklands home backing to MSU agriculture land! This home is built by Mountain High Homes and has an open concept living room and kitchen. Five bedrooms or 4 bedrooms and an office. Second floor master suite with large family room across the hall.
$875,000

161 Meadowland Drive, Bozeman, Montana 59718

161 Meadowland Drive, Bozeman, Montana 59718

4Bedroom(s)
4Bathroom(s)
1.04Acre
3,650Sqft
Nestled in the exclusive subdivision of Spanish Meadows sits this spacious home that has been completely transformed. Once a Parade Home when it was originally built in 2010, now this property has been brought into modern times with upgrades galore.
$1,749,000

1220 Green Valley Way, Bozeman, Montana 59715

1220 Green Valley Way, Bozeman, Montana 59715

5Bedroom(s)
3Bathroom(s)
146.88Acre
8,156Sqft
Experience an unparalleled Montana oasis within Bozeman's newest private, luxury ranch community: Northpass Ranches, just 15 minutes to downtown Bozeman. This 146 acre property is truly a top-of-the world experience with commanding mountain views abound from all angles.
$12,900,000
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Bozeman, MT 59715

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