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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2755 Graf Street, Bozeman, Montana 59718

2755 Graf Street, Bozeman, Montana 59718

3Bedroom(s)
1Bathroom(s)
2,083Sqft
Welcome to the Kul Condos at Gran Cielo. These luxury condos feature all the high end finishes you've come to expect with a CP Haus built home. These large 3 bedroom, 2.5 bath condos feature huge euro-style windows, Scandinavian finishes with custom tile, designer hardware and fixtures, KitchenAid appliance package, quartz counter tops, solar system, and A/C.
$620,000

14948 Pony Creek Road, Bozeman, Montana 59715

14948 Pony Creek Road, Bozeman, Montana 59715

1Bedroom(s)
1Bathroom(s)
22.32Acre
1,099Sqft
10 minutes to Bridger Bowl 35-40 minutes to Bozeman and less than an hour to Livingston via Clyde Park this 22.32 acre property would be ideal for an artist, writer or client looking to live in the mountains. Home is unique and well thought out for individual or couple. Natural light and great trails allow for skiing and mountain biking throughout the property.
$620,000

4825 Glenwood Drive 3, Bozeman, Montana 59718

4825 Glenwood Drive 3, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,228Sqft
Quality built Ebbighausen condo with great views on the edge of town. Welcome to Laurel Glen on the west edge of Bozeman. The Gallatin Valley opens up to the west of this great Cinnamon Creek condo with a seasonal stream out back and beautiful Bridger Mountain views to the east. This upper level unit is one level living...elevated.
$395,000

228 S Cottonwood Road 108, Bozeman, Montana 59718

228 S Cottonwood Road 108, Bozeman, Montana 59718

2Bedroom(s)
1Bathroom(s)
925Sqft
Wonderful ground level condo with an open floor plan. The spacious condo offers 2 bedrooms and 1.5 baths. Large laundry room with additional storage. Back patio faces East allowing you to take in the Montana Sunrise while enjoying a book or your coffee. The unit has an assigned carport.
$300,000

3695 Tschache Lane, Bozeman, Montana 59718

3695 Tschache Lane, Bozeman, Montana 59718

4Bedroom(s)
3Bathroom(s)
0.34Acre
2,851Sqft
Situated on a 14,000+ sq ft corner lot is a fully custom masterpiece that captures the beautiful Bridger Mountain range. Situated across the street from the Gallatin regional park this 2,851 sq ft home offers, 4 bedrooms, 3 full bathrooms, and boasts an open layout with vaulted ceilings. The main level master suite overlooks the massive backyard and has direct access to the back patio.
$1,200,000

56 Big Chief Trail, Bozeman, Montana 59718

56 Big Chief Trail, Bozeman, Montana 59718

4Bedroom(s)
2Bathroom(s)
2.22Acre
1,902Sqft
Fantastic, 4B|3B + office home in a fantastic neighborhood on 2.21 acres! Completely remodeled, all new everything! From flooring to windows, to kitchen and bathrooms, to deck and roof, lawn and landscaping. Fabulous open floor plan with wraparound decking and double sided fireplace.
$959,000

262 Explorer Trail, Bozeman, Montana 59718

262 Explorer Trail, Bozeman, Montana 59718

4Bedroom(s)
2Bathroom(s)
0.55Acre
2,745Sqft
Welcome to Valley Grove in Bozeman! Main level living with an attached, fully functioning mother-in-law suite that sits above the oversized 2 car garage. A master suite, two large bedrooms, living room and an extra large family room is on the 1st floor. With over a half acre lot, the front and back yards offer plenty of space for privacy and activities.
$675,000

15 W Arnold Street, Bozeman, Montana 59715

15 W Arnold Street, Bozeman, Montana 59715

4Bedroom(s)
2Bathroom(s)
0.30Acre
3,021Sqft
Opportunity to be a apart of one of the best and most sought out neighborhoods in South Bozeman. 15 W. Arnold offers an amazing property on an incredible private cul-de-sac lot with tremendous upside as Bozeman continues to grow. Carpet, paint and a few other small updates will bring this home present and ready for you and your family.
$749,000

209 S 8th Avenue, Bozeman, Montana 59715

209 S 8th Avenue, Bozeman, Montana 59715

2Bedroom(s)
1Bathroom(s)
0.25Acre
1,308Sqft
OPPORTUNITY! This lot is zoned R2 and is located close to main street, Community Food Co-op, Cooper park and Montana State University! This 2 bed, 1 bath home has a large detached garage on a HUGE 10,724 sq ft lot. The attic space is unfinished, and has potential to be another bedroom or office. New siding and shingles in 2017. Buyer to confirm possible uses with City of Bozeman.
$749,900
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Windermere Downtown Bozeman

135 E Main St.

Bozeman, MT 59715

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