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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334 Herstal Way, Bozeman, Montana 59718

334 Herstal Way, Bozeman, Montana 59718

4Bedroom(s)
1Bathroom(s)
0.08Acre
2,096Sqft
Form & Function are on display in this concise and well-appointed plan by Higher Standard Homes. Living room with laminate hardwood seamlessly flows through the dining area and into the kitchen which features quartz counter tops, stainless appliances, modern Bellmont cabinets and large slab island. Upper level boasts spacious master with dual vanities, tile surround shower and walk-in closet.
$719,900

3010 W Villard Street 1F, Bozeman, Montana 59718

3010 W Villard Street 1F, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,308Sqft
Well maintained and move-in ready upper level 3B/2B condo in Morgan Creek. This home also has a 1 car detached garage and spacious bedrooms. Fantastic central Bozeman location.
$415,000

391 Annie Glade Drive, Bozeman, Montana 59718

391 Annie Glade Drive, Bozeman, Montana 59718

4Bedroom(s)
2Bathroom(s)
0.30Acre
2,529Sqft
This lovely, light-filled home in Elk Grove is located at the end of cul-de-sac on a larger lot with a beautifully landscaped & fenced yard that backs to open space. This well-appointed home includes 4 bedrooms, 2.5 baths plus office and guest cabin. The main level master features a large ensuite bathroom with soaker tub. Beautiful hardwood floors cover the main living spaces and bedrooms.
$749,000

1028 Boylan Road, Bozeman, Montana 59715

1028 Boylan Road, Bozeman, Montana 59715

3Bedroom(s)
3Bathroom(s)
0.24Acre
2,712Sqft
Fantastic and flexible single level floor plan in Bridger Creek Subdivision is under construction and expected to be completed by mid-March 2022. High quality finishes include an extensive cabinetry package, custom built ins, tile, luxury vinyl flooring and quartz counters. Matte black fixtures enhance the sleek modern flair of this 2700 + Sf home.
$995,000

1045 Boylan Road 3, Bozeman, Montana 59715

1045 Boylan Road 3, Bozeman, Montana 59715

3Bedroom(s)
3Bathroom(s)
2,205Sqft
Great condo in a great location! Situated on the number 6 hole on Bridger Creek Golf Course, this light filled condo is central to all that is great about living in SW MT! Minutes to downtown Bozeman, surrounded by trails, and easy to hop on the walking or bike path to the M and Drinking Horse Mountain. Golf all summer and xc ski on the groomed trails out your back door all winter.
$775,000

2400 Durston 8, Bozeman, Montana 59718

2400 Durston 8, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,755Sqft
Beautifully updated and move in ready, single level home in the desirable Willwobrook Condos. This home features a large master suite w/walk-in closet, private fenced patio and a remodeled 3/4 bath with gorgeous walk-in shower. Luxurious new wool carpet. Granite counters in kitchen and 2nd bath. Kitchen features newer stainless appliances, pull outs in lower cabinets and a sizable pantry.
$725,000

6651 Gooch Hill Road, Bozeman, Montana 59718

6651 Gooch Hill Road, Bozeman, Montana 59718

4Bedroom(s)
3Bathroom(s)
6Acre
3,908Sqft
Great horse property just minutes to downtown. This home has had many updates, including new paint, flooring, fixtures, hardware, lighting, bathroom etc. in 2021/2022. Perfect set-up for the horse lover, with multiple pastures, barn with stalls, tack area, hay storage, round pen, and various outbuildings. 4 beds and 3.5 baths in the house gives you plenty of room.
$1,895,000

305 Michael Grove Avenue 2A, Bozeman, Montana 59718

305 Michael Grove Avenue 2A, Bozeman, Montana 59718

2Bedroom(s)
2Bathroom(s)
953Sqft
Single-level, 2-bedroom 2-bath, newly painted, ground floor, corner unit condo with lots of natural light from north and eastern-facing windows. Open concept living and dining area, opening up to small patio. Main entry is a preferred south facing entry. Condo has central air conditioning(!), a 1-car detached garage with loft storage, and a reserved parking space.
$340,000

439 N 10th, Bozeman, Montana 59715

439 N 10th, Bozeman, Montana 59715

4Bedroom(s)
1Bathroom(s)
0.18Acre
2,200Sqft
GREAT LOCATION! Close to Bozeman Senior High School 4BR 2BA Rancher with full basement and CONVERTED SHOP to a 400SF+ STUDIO/COTTAGE, additional living space in the backyard. Studio has 3/4 bath, small kitchenette w/sink, AC/Heat Mini split, stacked W/D, gas stove heater and walk-in closet. EXTRA PARKING accessed from alley.
$685,000
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Windermere Downtown Bozeman

135 E Main St.

Bozeman, MT 59715

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