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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67 Wickwire Way, Bozeman, Montana 59718

67 Wickwire Way, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.19Acre
2,067Sqft
Settle into new construction at Black Bull. Located steps away from club amenities and backing to open space, "The Bungalow" offers single level living at its finest. The Bungalow is just over 2,000 sq feet, with 3 beds and 2.5 bathrooms.
$849,000

1995 Buckrake Avenue, Bozeman, Montana 59718

1995 Buckrake Avenue, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.12Acre
1,757Sqft
This townhouse is a rare find, with a fully fenced back and side yard, large wraparound deck, and bordering park space on two sides. Surprisingly good Bridger mountain views from the deck, living room and master suite. Main living areas are on the first floor, with all bedrooms and laundry area on the second floor.
$460,000

5756 Westmorland Drive, Bozeman, Montana 59718

5756 Westmorland Drive, Bozeman, Montana 59718

4Bedroom(s)
2Bathroom(s)
0.10Acre
1,986Sqft
Oh yes, the Lakes of Valley West; a highly sought after community located in Bozeman, MT! This lovely home features 4BR/2.BA & will knock your socks off with its contemporary look and feel w/ large southern exposure windows, located at the end of a cul-de-sac and adjoins the community walking trail.
$599,900

71 Ridge Line Lane, Bozeman, Montana 59718

71 Ridge Line Lane, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.20Acre
3,286Sqft
Here is your opportunity to own a beautiful home in North Star Subdivision. As you enter the home you will notice the main level provides a functional open-concept floor plan throughout the living, dining, and kitchen area. This home is accented with wood trim, vaulted ceilings, a beautiful gas fireplace, stainless steel appliances, built-in speakers, and the kitchen features granite countertops.
$595,000

1297 Thomas Drive, Bozeman, Montana 59718

1297 Thomas Drive, Bozeman, Montana 59718

2Bedroom(s)
2Bathroom(s)
1,075Sqft
Newly constructed condominiums offering a combination of 1 BD/1.5 BA units along with 2BD/2BA units and 2BD/2.5BA properties. GE appliance package with including electric range, dishwasher, disposal, microwave, exhaust hood, washer/dryer, refrigerator. Quartz countertops, natural gas forced air and AC. Walk-in closets with storage, some condos have decks with additional storage.
$360,000

2929 Texas Way, Bozeman, Montana 59718

2929 Texas Way, Bozeman, Montana 59718

4Bedroom(s)
1Bathroom(s)
4Acre
2,348Sqft
Hard to find small ranchette property in SW Bozeman. Though only four acres this property has it all. The home was originally built in 1969, but has been completely remodeled with Anderson wood windows, hardwood floors, upgraded cabinets, granite counter tops, plumbing, lighting, etc.
$1,250,000

606 Park Place, Bozeman, Montana 59715

606 Park Place, Bozeman, Montana 59715

5Bedroom(s)
3Bathroom(s)
0.31Acre
3,530Sqft
Welcome to the charming SE Bozeman neighborhood of Westfield & this fabulous (currently being remodeled) home at 606 Park Place that features a versatile floor plan with mature landscaping that makes this property great for years of living, growth & memorable gatherings. This home includes 5 bedrooms & 3.
$821,010

3138 Annie Street, Bozeman, Montana 59718

3138 Annie Street, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.16Acre
1,918Sqft
Welcoming home in Harvest Creek! Built in 2011, this home is lightly lived in! It features 3 bedrooms, 2 full baths with a total of 1918+/- square feet including a massive bonus room upstairs! Master bedroom and ensuite bath on the main level. Covered front and rear patios with a fully fenced back yard. Great location and close to parks! On the interior of the subdivision and a quiet street.
$564,900

1419 S 3rd Ave, Bozeman, Montana 59715

1419 S 3rd Ave, Bozeman, Montana 59715

4Bedroom(s)
3Bathroom(s)
0.21Acre
2,632Sqft
This charming home located just minutes from MSU is move in ready. Too many updates and upgrades to list, but some include an open, modern floor plan, upgraded kitchen with stainless steel appliances, new light fixtures, and more! The master suite features a spacious and upgraded bathroom. The back yard is an oasis, perfect for entertaining on the spacious deck.
$899,000
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Windermere Downtown Bozeman

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Bozeman, MT 59715

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