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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38 Marten Peak Court, Bozeman, Montana 59718

38 Marten Peak Court, Bozeman, Montana 59718

4Bedroom(s)
3Bathroom(s)
0.21Acre
2,476Sqft
Located in the Woodland Park subdivision, this brand new modern, contemporary home is 2,476 sf built by Old Mill Homes. Situated on a quiet cul-de-sac, this home has 4 bed, 3 bath, two living rooms and great floor plan. Estimated completion will be the end of June. Main level includes the master suite and addl bedroom with full bath for guests.
$1,000,000

410 Westridge Drive, Bozeman, Montana 59715

410 Westridge Drive, Bozeman, Montana 59715

4Bedroom(s)
2Bathroom(s)
0.20Acre
2,406Sqft
This meticulously maintained 4-bedroom home in the well-established Figgins neighborhood is must-see. Upstairs features a beautifully updated kitchen/dining room, a generous sized living room, master bedroom, an additional bedroom, and thoughtfully renovated bathroom.
$875,000

1068 Flanders Creek Avenue, Bozeman, Montana 59718

1068 Flanders Creek Avenue, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.10Acre
1,500Sqft
Rare find in Bozeman-a townhouse with a three car garage! This well maintained home is move in ready, from the cozy and private front porch, to the spacious living room with a three sided fireplace allowing enjoyment from the kitchen/dining area as well. The spacious patio features privacy, a hot tub and plenty of room for entertaining or grilling.
$575,000

840 Quail Run Road D, Bozeman, Montana 59718

840 Quail Run Road D, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
1,519Sqft
You'll love this charming and well maintained condo centrally located in the desirable North Star Subdivision in Four Corners. This quiet bright end unit boasts 3 bedrooms, 2 baths and 1519 sqft of living space. The combination open concept kitchen, dining room and living room make for easy and spacious single-level living, accented with vaulted ceilings and a granite finished gas fireplace.
$529,900

2940 Upper Rainbow Road, Bozeman, Montana 59718

2940 Upper Rainbow Road, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
0.97Acre
1,588Sqft
Lovingly maintained single level home on almost an acre in the desirable Four Corners area. This charming single owner home comes to market for the first time and offers three bedrooms and two bathrooms with an open floor plan. The kitchen has plenty of counter space, ample cabinetry for storage and a center island.
$700,000

727 Harper Puckett Road, Bozeman, Montana 59718

727 Harper Puckett Road, Bozeman, Montana 59718

3Bedroom(s)
2Bathroom(s)
20Acre
1,780Sqft
GREAT HORSE OR GENTLEMAN RANCHER PROPERTY. PROPERTY WILL CONVEY WITH 50 INCHES OF WATER RIGHTS FROM THE LOWER MIDDLE CREEK DITCH COMPANY. HAS AAKER CREEK THAT RUNS YEAR ROUND THAT RUNS THROUGH THE ENTIRE PROPERTY. BEAUTIFUL GOLDEN WILLOW TREES. THIS PROPERTY HAD GREAT DEVELOPMENT POTENTIAL AND HAS NO COVENANTS OR ZONING. COULD BE A GLAMPING PROPERTY.
$2,700,000

96 Defender, Bozeman, Montana 59718

96 Defender, Bozeman, Montana 59718

4Bedroom(s)
4Bathroom(s)
0.52Acre
3,393Sqft
Stunning new plan under construction in Black Bull! This modern design is located on a .5 acre+ lot in a quiet cul de sac. Backing to state owned land, this lot provides an abundance of privacy. On the main floor are three bedroom suites, each with their own luxury bathrooms.
$1,899,000

171 Cold Smoke, Bozeman, Montana 59715

171 Cold Smoke, Bozeman, Montana 59715

3Bedroom(s)
1Bathroom(s)
1.19Acre
2,940Sqft
Glorious views of the Gallatin Valley and surrounding mountain ranges from this 1-Level custom. This home features 2 large master suites which has have large walk-in closets. One bath with separate tub and shower, 2nd Master with walk-in closet and 3/4 bath, additional bedroom and office.
$2,375,000

1609 Maple Street B2, Bozeman, Montana 59715

1609 Maple Street B2, Bozeman, Montana 59715

2Bedroom(s)
2Bathroom(s)
1,046Sqft
Stunning Mountain views of The Bridgers and Spanish Peaks can be seen from these incredibly well located, brand-new Bridgeview condos. Just down the street from MSU. These newly constructed condos boast dual bedrooms with en-suite bathrooms; featuring beautiful tiled showers with glass doors.
$499,500
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