Intro to Bozeman

What Happened to Bozeman Real Estate in 2020?

by Liz Nitz
Bozeman Real Estate in 2020

Art: www.vecteezy.com

No one was sure what would happen when the pandemic hit this spring. Well, it turned out this year was one for the record books. Let’s recap what happened to Bozeman real estate in 2020.

The pandemic redirected people away from big cities and into less populated towns: Bozeman was especially desirable because of the open space, picturesque mountains, laid-back college vibe and year-round outdoor amenities.

 

Inventory drops and prices skyrocket

This year was the tale of two, maybe three very different years. We started off in a normal brisk market and then slowed down due to covid restrictions. Once we started to reopen in June ,  the real estate market went gangbusters for the rest of the year. As of November 2020, we were almost at no inventory. The result of low inventory on the pricing that has increased by double digits this year. The average sales price in Bozeman went from $514,422 in November 2019 to $715,615, according to Big Sky Country MLS. Naturally, people went to Belgrade for more options and increased the average sales price from $364,736 in November 2019 to $524,394 this year. 

 

Below we see the illustration of what has happened to pricing and inventory over the past 12 months in Gallatin County.  It is quite dramatic when you look at the ending point which is November of 2020 and compare to the beginning point which represents November 2019.

Gallatin County Monthly Supply of Properties for Sale 2020

Gallatin County Monthly Supply of Properties for Sale 2020

 

Gallatin County Median Sales Price 2020

Gallatin County Median Sales Price 2020

Reasons for the low inventory

  • Some homeowners decided to hang on to their homes until the results of the pandemic on the economy, home prices, etc. were more clear.
  • A large influx of new people moved to Bozeman this summer. (Check out this previous post.)
  • Many people reevaluated their living situation. People are looking for more space to accommodate changing lifestyles that need to include home offices and room for schooling.

 

Construction is in full swing

Drive anywhere around Bozeman and you will see that construction projects have really taken off this year. There are new subdivision like Home 40, additions to existing communities in Flanders Mill and Black Bull, and urban revitalization in the Midtown and historic downtown areas.  As fast as the developers and builders are working, they still can’t keep up with the demand for housing.

 

The future of Bozeman

The city commission is trying to stay one step ahead of the growth. In preparation, they approved an ambitious growth plan this year. The plan extends the city’s footprint from 20.9 square miles to 70.8 over the next 20 years. The focus is on the elements that make Bozeman such a great place to live. Picture community pockets that have residential mixed with commercial, parks and open gathering places, and trails that encourage walking and biking.

As you can see, a lot happened to Bozeman real estate in 2020. If you have any question about this post or about Bozeman in general, feel free to contact me at liz@windermere.com. Cheers to a new year!

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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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